The Northwest Territories Minister of Industry, Tourism and Investment said any interest in developing the Beaufort region is good news.

Dave Ramsay was commenting on news that a tiny, United Kingdom-based company called Franklin Petroleum bid barely above the minimum price tag to secure exploration leases in the Beaufort Sea.

Dave Ramsay, the territory's Minister of Industry, Tourism and Investment, said any interest in the territory's resources is a good thing. (GNWT)

Last week, Western Arctic MP Dennis Bevington criticized the federal government for letting the parcels go at “fire sale prices”. The company has also been criticized for its lack of resources.

Ramsey said the purchase is good for the territory.

“To me it's interest in the N.W.T. It's interest in our resources. The process is what it is and we wish Franklin Petroleum all the best in trying to develop those parcels and to bring to the table, which in turn will lead to more economic growth in the Northwest Territories and in our offshore,” he said.

Ramsey said, eventually, the territorial government will be in control of the Beaufort and the offshore.

He said after devolution is fully negotiated, the territory can go back to the federal government and begin negotiating an offshore deal similar to what they have in Newfoundland and Nova Scotia.