Canada's Arctic environment is rich in hydrocarbon resources. As international attention turns to the Arctic to meet global energy demands there is increased recognition of the need to advance upstream impact assessment and decision-making to plan for energy development. There have been several applications of strategic environmental assessment (SEA) over the past decade in the international offshore energy sector; however, SEA remains underdeveloped offshore in comparison to project-based environmental impact assessment and unchartered territory in Canada's Arctic. This paper examines stakeholder perceptions of the opportunities and risks of advancing SEA for offshore energy planning and development in Canada's Beaufort Sea. Results indicate a number of perceived opportunities for SEA, including improved regulatory efficiency, better regional baselines and planning practices, an opportunity to assess cumulative effects, more meaningful project-based assessment, and greater certainty for industry stakeholders. At the same time there are a number of perceived risks, including foregoing anticipated development opportunities, the loss of flexibility in decision making, adding another layer of bureaucracy, and the added uncertainties of a novel approach. The implications of these findings for advancing SEA in the offshore energy sector are discussed.