Header

 Image

The Fraser Institute has named Saskatchewan as the no. 1 province for oil and gas investment in the country, though Canada failed to make the list of top 10 places globally.

Saskatchewan beat out Manitoba as the most investment-friendly region in Canada, based on the opinions of petroleum executives and managers polled by the think-tank.

“Saskatchewan understands the petroleum industry and how important it is to maintaining a prosperous economy," said Gerry Angevine, Fraser Institute senior economist in the Global Resource Centre and co-author of the Global Petroleum Survey 2011.

Globally, Saskatchewan ranked 11th in the survey of 136 jurisdictions looking at things like long-term energy policy stability, low royalties and clear regulatory frameworks.

"Saskatchewan offers investors confidence in each of these areas,” Angevine said.

Ontario placed third in Canada, while Nova Scotia moved up to fourth from seventh. Newfoundland and Labrador remained in fifth place.

Alberta moved up to sixth place among Canadian jurisdictions after finishing eighth in 2010.

"Alberta earned better marks for fiscal terms following the special drilling incentives that were announced in May last year, after the 2010 survey had been completed," Angevine said.

"But investors remain concerned about regulatory uncertainty in Alberta, especially with regard to environmental regulations, and the cost of regulatory compliance."

Nine of the world's top 10 places for oil investment are in U.S., though last year's BP oil spill pushed the Gulf of Mexico region down from 11th to 60th.

Source: Canoe.ca

DiscoverWeyburn.com is Weyburn's only source for community news and information such as weather and classifieds.

Login