INUVIK - A recently announced record-breaking exploration bid has Inuvik talking, but residents are reserving judgment about the news until its consequences clearly emerge.

The announcement of the oil and gas bids for exploration rights for five parcels in the Beaufort Sea was made last Friday by Indian and Northern Affairs Canada.

David Cook, Eugene Rees and Eddie Dillon talk at the petroleum show. The recent announcement of an exploration bid in the Beaufort Sea has some at the annual petroleum show experiencing deja vu. - Dez Loreen/NNSL photo

Four companies bid a total of $1.26 billion for the exploration rights.

It was the largest bid on oil and gas rights in Canadian history, marking a significant milestone for Northern development and exploration.

The biggest bidder of the bunch was BP Exploration, which had been relatively unknown in the Northern oil and gas scene.

BP bid $1.18 billion to explore one of the parcels of land.

Eddie Dillon, who was at the eighth annual Inuvik Petroleum Show registration, had some positive things to say about the announcement.

"It's good that there is a lot of interest coming around again to the exploration offshore," said Dillon.

"We'll have to see what this will mean for local job opportunities."

He said employment has always been a priority for the region, temporary as the work may be.

"We've been through boom and bust before," he said.

"A lot of people might not want to get back into the oil and gas industry, it's not long term."

Dillon added that the announcement of interest is good, but he's waiting to see how it pans out for local businesses and employers.

"A lot of people may be excited about this, but we have to wait, dig into it and see what it encompasses," said Dillon.

Alana Mero said the announcement might give the industry a kick in the pants to get going in the region again.

"I think it's going to potentially start year-round gas business again, which economically is good for the region," she said.

She added that the social needs of the people will need to be met before any serious development happens in the region.

"Overall for the Delta, I'd say the announcement is a good thing," she said.

"We've heard these things before. We hear the announcement and things don't happen and then people get frustrated."

She said people in the Delta get stuck in a holding pattern, waiting for new developments.

"I think people in the region are familiar with that holding pattern," she said.

"It looks like we just wait and see what happens next."

- with files from Brodie Thomas