Agreement one more move in step to self-sufficiency

The Stoney Nakoda Nation has signed a joint venture agreement with Hong Kong-based Huatong Petrochemical Holdings Ltd. to explore and develop oil and gas deposits on about 49,000 hectares of Stoney Nation lands. Huatong will provide all necessary funding and Nakoda Oil & Gas Inc. will act as the primary operator for the joint venture. “The magnitude of this new agreement between Huatong and the Stoney Nations will hopefully bring us one step closer to self-sufficiency for our nation and people,” said Bruce Labelle, Chief of the Chiniki Nation, in a CBC report. Large quantities of natural gas have been produced from the Jumping Pound gas field on the Stoney Nakoda Nation since the 1950s.