Canada is planning to spend $4.5 billion over five years to help it secure a portion of the Arctic seafloor, with the government announcing a national drilling strategy on Tuesday.
The plan, dubbed “Aurora 2020,” will see $1.4 billion spent on Arctic offshore drilling in the first five years, with another $2 billion spent in the second half.
The money is expected to come from the federal government, with $1 billion from the Canadian Association of Petroleum Producers, and $1 million from the National Energy Board.
The remaining $2.4 million will come from other sources, such as provincial governments and municipalities.
The federal government has pledged $7.8 billion for the Arctic in its 2016 budget, which is a large increase over the $4 million that was originally proposed.
It is unclear whether Canada will be able to complete all of its Arctic drilling plans without the funding.
The government also announced a new partnership with the National Research Council, a Canadian research institution.
The partnership will focus on research on deepwater and Arctic offshore exploration.