The province of Newfoundland and Labrador now ranks as probably the most enticing Canadian jurisdiction for oil and fuel funding, and it’s the fourth-most enticing jurisdiction worldwide this yr, in accordance with the annual world survey of petroleum-sector executives launched on Nov. 28 by the Fraser Institute, an unbiased, non-partisan, Canadian public coverage think-tank. This revelation drew fast response from the Newfoundland and Labrador Oil & Gas Industries Association (Noia) in St. John’s.

“Newfoundland and Labrador has world-class assets which can be comparable to grease & fuel jurisdictions, corresponding to Norway, the UK and the Gulf of Mexico,” mentioned Andrew Bell, chair of Noia’s board of administrators. “While we’re more than happy to see these outcomes, Noia is looking on the Federal Government (of Canada) to make sure that this rating doesn’t fall, as a consequence of proposed legislative adjustments to the environmental evaluation course of and different over-regulation that solely impedes well timed improvement of our offshore oil & fuel assets.”

According to the annual world survey, British Columbia now ranks because the least-attractive Canadian jurisdiction for oil and fuel funding—adopted by Alberta.Since B.C.’s provincial election in May, the province has plummeted to close the underside of the worldwide rankings.“Investor confidence issues, and having a authorities that’s brazenly hostile to useful resource improvement has apparently despatched a chill all through the oil and fuel business,” mentioned Kenneth Green, senior director of the Fraser Institute's Centre for Natural @onlinelaw@Resources and co-author of the 2017 Global Petroleum Survey.

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This yr B.C. dropped to 76th out of 97 jurisdictions (from 39th out of 96 final yr) on the worldwide index, a complete measure of the extent to which coverage deters oil and fuel funding.In the survey, which was carried out after the B.C. election, oil and fuel executives gave the province low marks for political stability and the excessive value of regulatory compliance.

Meanwhile Alberta—ranked 33rd general this yr—is the second-lowest Canadian jurisdiction after B.C., and though Alberta’s rating improved barely this yr, its rating stays far behind 2014 ranges, when it positioned 14th globally out of 156 jurisdictions.More than 50% of survey respondents mentioned that Alberta’s excessive taxes deterred funding within the province’s oil and fuel sector.Elsewhere in Canada, Newfoundland and Labrador, as beforehand famous, was the top-ranked Canadian province, having moved up from 25th final yr to the fourth most engaging worldwide this yr. Saskatchewan—ranked 4th globally final yr—ranks seventh this yr.

South of the border, six U.S. states rank within the high 10 world jurisdictions, together with Texas, Oklahoma, North Dakota, West Virginia, Kansas and Wyoming. And, as a result of the brand new U.S. administration is pursuing main tax reforms and decreasing regulatory crimson tape for the power business, American jurisdictions may very well be considered much more favorably in coming years.“The aggressive headwinds Canadian jurisdictions already face within the power sector will possible get stiffer, as regulatory and tax burdens proceed to lighten within the U.S.,” Green mentioned.“The shackles are being taken off the U.S. power sector, which spells hassle for Canadian jurisdictions making an attempt to draw oil and fuel funding .”

Source: www.worldoil.com

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