Five pristine lakes sit in and around the Peerless Trout First Nation in the unbroken boreal forest of north-central Alberta about 200 kilometres north of Slave Lake.

When asked about the fishing, Tyler Letendre smiles wryly. “It lives up to the name,” says the Nation’s director of operations and economic development officer. “It’s peerless.”

The community’s leadership is exploring the idea of building a lodge to lure recreational anglers from across North America to reel in the large pike, trout and walleye that inhabit the dark blue waters in those lakes.

After joining the Clearwater Infrastructure Limited Partnership in December 2023 with 11 other Indigenous communities and Tamarack Valley Energy, they have the financial clout to develop a resort.

“Joining the partnership has been a game changer for our nation, 100 per cent. We won’t compromise on treaty rights, but we are big fans of economic growth,” says Letendre.

“The money provided by the federal government to First Nations isn’t enough to sustain the programs and infrastructure required so we have to generate our own income. Equity deals like Clearwater do that,” he says.

“We are shareholders along with major institutions. We now have banks who want to come invest in our communities. We live in a new world, and I’m excited about the possibilities.”

The Peerless Trout First Nation is located about 200 kilometres north of Slave Lake, Alberta. Photo courtesy Peerless Lake First Nation

The growing number and value of Indigenous equity ownership deals in Alberta is helping fuel stronger participation in the province’s economy, according to a recently released report from ATB Financial and MNP.

The study concluded that total Indigenous economic activity in Alberta grew by a substantial 42 per cent between 2019 and 2023.

Last year, Indigenous-owned businesses generated $5.25 billion in economic output, $380 million in tax revenues and $1.33 billion in labour income from 25,800 full-time jobs.

The resource sector has an outsized impact in this area as its relationship with First Nations and Métis communities in Alberta has evolved and grown.

“The fastest growing and largest opportunities for Indigenous communities in Alberta come from the resource sector,” says Justin Bourque, president of Âsokan Generational Developments, a consultancy that specializes in partnerships between Indigenous communities and industry.

He says the evolution of the relationship between Indigenous communities and the resource sector has mirrored the broader progress of reconciliation.

“Our entire society is on a journey of reconciliation between Indigenous and non-Indigenous communities. The engagement and relationship between the resource industry and Indigenous has continued to evolve.”

In recent years, particularly following the creation of the Alberta Indigenous Opportunities Corporation (AIOC) in 2019, these relationships have increasingly moved from short-term benefits to long-term legacies through equity ownership deals like Peerless Trout’s agreement with Tamarack Energy.

Justin Bourque, president of Âsokan Generational Developments, pictured on his trap line with the Long Lake oil sands facility in the background. Photo for Canadian Energy Centre

ATB highlighted the Astisiy project in the oil sands region, a Cree word meaning “thread from sinew” that is used for Indigenous beading.

In September 2021, Suncor Energy and the AIOC enabled eight Indigenous communities to acquire 15 per cent ownership of the Northern Courier Pipeline, a 90-kilometre system that transports bitumen from the Fort Hills mine to the East Tank Farm north of Fort McMurray.

The community partners are projected to receive $16 million in annual payments from the deal.

Bourque’s Willow Lake Métis Nation has used its portion of the revenues to purchase a 205-acre parcel southeast of Fort McMurray, giving the community land to call its own.

“Ownership and partnership is the next logical evolution of the relationship between Indigenous communities and the energy sector,” says Bourque.

“Before Indigenous communities had the opportunity to invest in these resource assets, a lot of the economic value out of these investments would flow to institutional investors along with the corporation,” he says.

“By having some of those benefits flow into Indigenous communities, it builds both resilience by giving them financial sovereignty and allows that community to address priorities and needs determined by them, not somebody in Ottawa.”

Opportunities are now happening at the Peerless Trout First Nation.

“Our chief and council are in the best position to decide what works for the 900 members of Peerless Lake when it comes to how to invest the monies from the partnership, whether that’s in housing, education, health care, more post-secondary scholarships or building a hockey arena or community facility,” Letendre says.

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Agriculture and oil and gas are two of Canada’s biggest businesses – and they are closely linked, industry leaders say.  

From nitrogen-based fertilizer to heating and equipment fuels, oil and gas are the backbone of Canada’s farms, providing food security for Canadians and exports to nearly 200 countries around the world.  

“Canada is a country that is rich in natural resources, and we are among the best, I would even characterize as the best, in terms of the production of sustainable energy and food, not only for Canadians but for the rest of the world,” said Don Smith, chief operating officer of the United Farmers of Alberta Co-operative.  

“The two are very closely linked together… Agriculture requires fuel, and it requires lubricants. It requires heat and electricity. Modern agriculture can’t be done without energy, and it is a significant portion of operating expenses on a farm.” 

The need for stable food sources is critical to a global economy whose population is set to reach 9.7 billion people by 2050. 

The main pillars of food security are availability and affordability, said Keith Currie, president of the Canadian Federation of Agriculture (CFA). 

“In Canada, availability is not so much an issue. We are a very productive country when it comes to agriculture products and food products. But food affordability has become an issue for a number of people,” said Currie, who is also on the advisory council for the advocacy group Energy for a Secure Future. 

The average price of food bought in stores increased by nearly 25 per cent over the last five years, according to Statistics Canada. 

Restricting access to oil and gas, or policies like carbon taxes that increase the cost for farmers to use these fuels, risk increasing food costs even more for Canadians and making Canadian food exports less attractive to global customers, CFA says. 

“Canada is an exporting nation when it comes to food. In order for us to be competitive we not only have to have the right trade deals in place, but we have to be competitive price wise too,” Currie said. 

Under an incredible Saskatchewan sky, a farmer walks toward his air seeder to begin the process of planting this year’s crop. Getty Images photo

Canada is the fifth-largest exporter of agri-food and seafood in the world, exporting approximately $93 billion of products in 2022, according to Agriculture Canada.  

Meanwhile, Canadians spent nearly $190 billion on food, beverage, tobacco and cannabis products in 2022, representing the third-largest household expenditure category after transportation and shelter. 

Currie said there are opportunities for renewable energy to help supplement oil and gas in agriculture, particularly in biofuels.  

“But we’re not at a point from a production standpoint or an overall infrastructure standpoint where it’s a go-to right away,” he said.  

“We need the infrastructure and we need probably a lot of incentives before we can even think about moving away from the oil and gas sector as a supplier of energy right now.” 

Worldwide demand for oil and gas in the agriculture sector continues to grow, according to CEC Research.  

Driven by Africa and Latin America, global oil use in agriculture increased to 118 million tonnes of oil equivalent (Mtoe) in 2022, up from 110 million tonnes in 1990.  

Demand for natural gas also increased — from 7.5 Mtoe in 1990 to 11 Mtoe in 2022.   

Sylvain Charlebois, senior director, in the Agri-Food Analytics Lab at Dalhousie University, said food security depends on three pillars – access, safety, and affordability.   

“Countries are food secure on different levels. Canada’s situation I think is envious to be honest. I think we’re doing very well compared to other countries, especially when it comes to safety and access,” said Charlebois. 

“If you have a food insecure population, civil unrest is more likely, tensions, and political instability in different regions become more of a possibility.” 

As a country, access to affordable energy is key as well, he said.  

“The food industry highly depends on energy sources and of course food is energy. More and more we’re seeing a convergence of the two worlds – food and energy… It forces the food sector to play a much larger role in the energy agenda of a country like Canada.” 

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Five northern Alberta First Nation and Metis communities have acquired a 43 per cent interest in the Wolf Midstream Access NGL pipeline system. The transaction was facilitated by the Alberta Indigenous Opportunities Corporation (AIOC), a provincial crown corporation that provided a $103 million loan guarantee. 

Participating communities are the Buffalo Lake Métis Settlement, Kikino Métis Settlement, Heart Lake First Nation #469, Saddle Lake Cree Nation #125, and Whitefish Lake First Nation #128. 

“We’ve become very focused and sophisticated in our economic development portfolios,” says Tony Bagga, a Heart Lake First Nation executive and president of the Northern Lakeland Indigenous Alliance – a recently created entity that will manage the ownership on behalf of the bands.  

“We are looking to advance our vision of self-sustainability and prosperity. Transactions such as this will bring multigenerational revenue to the communities involved which we can put to use in underfunded community initiatives such as infrastructure, healthy living, cultural events, etcetera.” 

The Access NGL pipeline system connects Wolf Midstream’s recently constructed natural gas liquids (NGL) recovery facility near Mariana Lake southwest of Fort McMurray to its NGL separation facility north of Edmonton.  

Location map of Wolf Midstream Access NGL pipeline system. Image courtesy Wolf Midstream

NGLs like ethane, propane and butane are recovered during oil and gas processing. They have a variety of uses including as a petrochemical feedstock for generating everyday products, as well as heating, cooking and blending for vehicle fuel. 

Acquiring an ownership stake in the Wolf Midstream NGL system “will help support the foundation of our Nations,” Bagga says. 

“The proceeds from this transaction will support our pillars such as promotion and retention of Indigenous culture, education, recreation, health, and promoting programming for our youth and Elders,” he says.   

“We a see this as a step in the right direction to economic reconciliation. Our communities will see direct benefits from the proceeds of this project, which will uplift our communities and support future generations. We are in hopes that this will inspire future participation for us and others.” 

The Indigenous Resource Network (IRN) is calling for a national loan guarantee program like want is offered by the AIOC to help more communities take ownership of resource projects. This would help address what the IRN calls a “crisis-level lack of opportunity” for Indigenous communities across Canada. 

“We’re incredibly excited and pleased that there’s another investment, another opportunity, and more communities brought in,” says IRN executive director John Desjarlais.  

“The loan guarantee program works; it helps to de-risk. It’s governments engaging and facilitating good, affordable access to capital that helps to drive economic reconciliation. It’s very much a success in terms of what we hope to see on a national level.” 

The AIOC was created in 2019 to cultivate Indigenous prosperity through investment in Alberta’s natural resource, agriculture, telecommunication, and transportation sectors. The organization mandate is to deliver up to $1 billion in investment support for qualified Indigenous communities that make a minimum $20 million investment. 

So far, the AIOC has delivered $513 million in loan guarantees through five transactions – with the Cascade Power Project, Northern Courier Pipeline, Lindbergh Cogeneration Facility, Enbridge oil sands pipeline system, and the Wolf Midstream Access NGL pipeline system. 

Twenty-seven Indigenous communities have developed project ownership through the AIOC, including 17 Alberta First Nations and 10 Métis communities. 

“Stronger Indigenous communities make for a stronger Alberta and a stronger Canada,” says Chana Martineau, CEO of the AIOC.  

“If you think about the ripple effect in a pond, as those communities strengthen, they then grow and invest and impact all the communities around them.”    

AIOC projects are creating consistent, multigenerational revenue streams, she says. In addition to local projects and infrastructure, Indigenous communities can invest funds to pursue additional profit-generating ventures, says Martineau, who is from the Frog Lake First Nation. 

“To build whatever the community most needs enables them to achieve their own goals,” she says. “All of our projects are designed to provide immediate return to Indigenous communities and Canadian corporations are increasingly valuing these partnerships.” 

Indigenous ownership of major energy projects is also ramping up in British Columbia. 

The proposed $3 billion Cedar LNG facility in Kitimat, 50 per cent owned by the Haisla Nation, would be the first Indigenous-owned LNG terminal in the world and could be in operation by 2027. The project holds significant potential for economic and social transformation in the region, say stakeholders.   

Also on the west coast, the Nisga’a Nation near Prince Rupert and its partners have proposed the $10 billion Ksi Lisims LNG terminal on Pearse Island – the project has entered B.C.’s environmental review process.  

Sixteen Indigenous communities along the $14.5 billion Coastal GasLink pipeline, which will feed natural gas from northeast B.C. to LNG Canada and Cedar LNG, have signed a 10 per cent ownership stake once the project is completed in 2023. 

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