Canada’s oil and gas provinces have been ranked among the best in the world for investment by the Fraser Institute’s global survey of petroleum executives. The survey ranks 156 jurisdictions as investment targets, based on the oil and gas reserves from each one and the input of oil and gas executives.
One of the major areas of concern for the survey is the attitude of each jurisdiction’s lawmakers toward oil and gas industries. This is expressed in terms of taxation rates, potentially costly regulatory obligations, uncertainty over environmental regulations and political stability, as well as secondary issues like concerns over the interpretation of regulations.
The survey ranked jurisdictions on policy alone, and found the best to be, in descending order: Oklahoma, Mississippi, Saskatchewan, Arkansas, Manitoba, Alabama, Kansas, Texas, North Dakota and Wyoming.
The worst? In ascending order: Venezuela, Bolivia, Ecuador, Iran, Russia (Eastern Siberia), Russia (Offshore Arctic), Iraq, Uzbekistan, Democratic Republic of Congo (Kinshasa), and Turkmenistan.
Two Canadian provinces, Manitoba and Saskatchewan, appear in the top ten on policy alone. But when reserves are factored in as well, Alberta tops the list in Canada, and comes in second worldwide. (Who pipped Alberta to the post? Texas.)
‘Alberta’s wealth of petroleum reserves continues to attract investment, which creates jobs for scores of Canadians,’ said the Fraser Institute’s Kenneth Green, senior director of the Institute’s Center for national Resources.1
The Fraser Institute divided jurisdictions into three classes, with large, medium and small reserves. To be included in the ‘large reserves’ list, a jurisdiction’s reserves had to total more than 1% of the total represented in the survey.
Among the small reserves group, Canada placed high too: Saskatchewan and Manitoba came in at 2 and 3, while British Columbia entered the medium reserves group at 19 out of 44.
On the other hand, Quebec presented the greatest barriers to oil and gas development in Canada, said the Fraser survey: ‘Quebec continues to sour petroleum investment by delaying authorization for development, to the detriment of many Quebecers who could be working in the resource industries,’ said Green.
The Fraser Institute used data from 710 respondents, representing 563 oil and gas companies.
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