Our place in the world
Last week, the Fraser Institute released their 2017 Global Petroleum Survey. The results were worrisome for Canada.
Last week, the Fraser Institute released their 2017 Global Petroleum Survey. With data from over 300 petroleum managers and executives, the report ranks regions across the world in terms of their ability to attract oil and gas investment.
You can read the full report here.
The results are worrisome for Canada.
Out of 97 jurisdictions, Alberta is only the 33rd most attractive jurisdiction for energy investment worldwide. And we’re the second-least attractive jurisdiction in Canada.
Why? According to the report, Alberta’s “fiscal, regulatory, and environmental uncertainty” and new carbon tax are driving out investment.
Even more disheartening is the status of British Columbia. According to the survey, BC is the least attractive jurisdiction in Canada. Among medium reserve holders, they’re in the bottom 25% worldwide (number 76 out of 97), falling behind countries like the Republic of the Congo.
The province’s regulatory hurdles and approval uncertainties have deterred investment. Multiple stalled or rejected pipelines, as well as the province’s failure to support its LNG industry, have made investors nervous. British Columbia has the potential to be one of the world’s main providers of clean-burning natural gas – but they’re being hobbled by overregulation and non-supportive governments.
If we want to reverse these trends, we have to stand up for our Canadian oil and gas industry.
Canadians are the best in the world at safely harvesting and transporting the energy the world needs – but until our politicians understand that, investors will continue to flee.