CALGARY — Norway’s move to stimulate its oil and gas industry with tax breaks and new exploration blocks in the Arctic after its sovereign wealth fund divested from Canadian companies has once again angered Alberta’s politicians.
Rystad Energy, an Oslo-based energy research firm, said in a release the move would help 36 projects including some by Norway’s state-controlled oil producer Equinor ASA as well as majors such as Royal Dutch Shell Plc and ConocoPhillips. All three companies have divested all or parts of their oilsands assets in recent years.
The expansion comes after the country’s US$1-trillion sovereign wealth fund — the largest in the world — announced in May that it was selling stakes in Suncor Energy Inc., Canadian Natural Resources Ltd., Imperial Oil Ltd. and Cenovus Energy Inc., apart from a handful of international oil companies and coal-fired power companies, over concerns about emissions.
There is more agreement within the country over Norges Bank’s decision to divest its holdings in oil and gas producing companies. Saudi Arabia’s US$320-billion Public Investment Fund bought shares in Suncor and Canadian Natural during the energy market collapse and now ranks as the eighth-largest Suncor shareholder and 14th-largest shareholder in CNRL, according to a Bloomberg news report.
Last week, the Alberta government tapped former Canada Pension Plan Investment Board CEO Mark Wiseman to chair the board of the Alberta Investment Management Corp., which manages the Heritage Fund.
This should be a wake-up call to Canada. Other nations are moving into the Arctic and we are doing nothing. We need to invest in the Arctic and secure the Northwest Passage
And that is the effeminate country that beat Canada, the originater of the U.N. concept, out for a prominent seat on the Security Council? What a farce?!
Stay OFF the Arctic. Norway
Oil is the only thing keeping their mixed socialist society afloat. Without it they'd go bankrupt from all their socialist elements.
Maybe it’s not hypocritical, maybe the. Canadian oil patch has no leadership, has failed to get pipelines constructed and is not cost viable.
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