The development of resources on and near Indigenous territories has many potential benefits including employment creation, wealth sharing, and improved service delivery. However, the development of oil and gas resources can also lead to economic inequality, displacement, loss of traditional lifestyles, and significant environmental damage. This paper is a review of the how oil and gas development on Indigenous lands and traditional territories has been regulated in Canada to balance these benefits and risks. Some of the legislation discussed include the Indian Oil and Gas Act, the First Nations Oil and Gas and Moneys Management Act, the Umbrella Final Agreement in the Canadian North, as well as unregulated impact benefit agreements between First Nations and industry. These regimes and others are examined in terms of their provisions for environmental protection and meaningful Aboriginal consultation, and is intended to inform discussions on how to improve the policy approach to resource development.