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Inuvialuit Petroleum Corporation
The Inuvialuit Petroleum Corporation (IPC) is a subsidiary of the Inuvialuit Regional Corporation (IRC) and a proud member of the Inuvialuit Corporate Group of Companies. IPC was created in 1985 with the objective of facilitating the engagement of Inuvialuit in the energy and resources sector. IPC's portfolio of marketable securities, resulting from disposal of other producing assets, is intended to support participation in northern oil and gas opportunities.
Until recently, the Inuvik Gas Project has been the mainstay of IPC’s work. This project was initiated in 1997 in order to supply Inuvik with natural gas from two wells at the Ikhil reservoir, located approximately 50 kilometers northwest of Inuvik on Inuvialuit lands. The Ikhil Joint Venture (IJV) owns and operates the well and pipeline and Inuvik Gas Limited (IGL) distributes the commodity to customers throughout Inuvik. IPC has a one-third interest in each of the IJV and IGL.
Unfortunately, the reserves of the K-35 well can no longer be accessed and the reserves of the J-35 well have been in critical decline for the last several years. In the fall of 2011, IGL installed a synthetic natural gas (SNG) system as back-up to the Ikhil natural gas supply. In 2012, the decision was made, in consultation with representatives of the Town of Inuvik and the Government of the Northwest Territories, to switch to the SNG system as a primary energy source for customers in Inuvik in order to preserve the remaining natural gas reserves for periods when road closures interfere with propane supply and as emergency back-up.
Fortunately, IPC’s Inuvialuit Energy Security Project is now underway. It is anticipated that the IESP will serve as a replacement for the Ikhil well and as a secure supply of energy for the region by 2022.