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The National Energy Board and the Northwest Territories Geological Survey warn that not all of that oil will be recoverable.

But if even a few per cent of it is economically viable, it confirms previous suggestions the Canol and Bluefish shales hold up to seven billion barrels of recoverable oil and could be comparable to North Dakota’s booming Bakken field.

“These are large numbers,” said N.W.T. Energy Minister Dave Ramsay.

“This should increase the level of investor confidence and revitalize interest in the Northwest Territories. This really does put wind in our sails.”

About 146 billion barrels are estimated for Canol and 46 billion for Bluefish.

The board didn’t give an estimate of how much of that oil might be recoverable because well test results haven’t been released. It’s also still uncertain whether those shales are capable of production at all.

The potential fields lie in the central Mackenzie Plain, west of Great Bear Lake.

This should increase the level of investor confidence and revitalize interest in the Northwest Territories

Several companies have been active in the area in recent years, with 14 exploration licences being granted and $628 million in work commitments since 2010. Imperial, Shell, Husky and ConocoPhillips have all been involved in the region.

However, recent low oil prices have brought that activity almost to a standstill. Husky and ConocoPhillips recently announced they would step back from their Canol projects.

That standstill is affecting local people looking for business opportunities, Ramsay said recently in Houston where he was trying to attract investment.