By Shari Narine Local Journalism Initiative Reporter A potential new deal with Suncor Energy could generate up to $2.25 billion in royalties for Fort McKay First Nation over five years if full bitumen production is realized from a lease on reserve land. It’s an estimated figure based on a concept, said Chief Raymond Powder, which is dependent on the price of West Texas Intermediate, a grade of crude oil, with a barrel of oil set at $60, $75 or $90. A memorandum of understanding on a prospective oil sands lease was signed March 7 between the northern Alberta First Nation and Suncor. The MOU was made possible after Indigenous Services Canada passed Regulations Amending the Fort McKay First Nation Oil Sands Regulations last December. The amendment saw Reserve No. 174C, which…
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