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It’s both encouraging and depressing that Alberta’s regulatory expertise is in demand from parties outside the country.

“There is a lot of expertise here, especially onshore development with respect to shale resources,” said Tony Kay, the British Consul General in Calgary.

A moratorium on shale gas development remains in place in Quebec. With an estimated 30 trillion cubic feet of recoverable reserves, the shale gas resource contained within the Utica formation extending from the U.S. Northeast would allow Quebec to satisfy its natural gas needs for decades to come if developed.

In New Brunswick, the Commission on Hydraulic Fracturing submitted a report to the provincial government late last month that suggested, among other things, the creation of a single, independent regulator to oversee the regulation and promotion of its natural resources.

New Brunswick only needs to look to Alberta for expertise, yet no such overture has been made by that province or Quebec.

“Alberta has some world-class regulatory and performance standards in areas such as shale gas development,” said Drake.

A well-worn economic principle that addresses the issue of competitive advantage — developed in 1817 by David Ricardo — effectively states there are gains to be made if companies or countries concentrate on their comparative advantages.

Britain recognized the expertise it needs resides elsewhere and sought it out. More importantly, under the theory expounded by Ricardo, it’s willing to share what it has to offer Alberta.