菲沙研究所-2021年加拿大-美国能源部门竞争力调查（英）-2021.11-62页_916kb

Summary of Canada-US Energy Sector Competitiveness Survey 2021

Core Content

The Fraser Institute's 2021 Canada-US Energy Sector Competitiveness Survey evaluates the attractiveness of Canadian and American jurisdictions for oil and gas investment based on 16 policy factors. These include fiscal terms, environmental regulations, regulatory enforcement, cost of compliance, labor availability, infrastructure, and others. The survey is conducted annually and provides a ranking of jurisdictions based on the perceived barriers to investment, using a Policy Perception Index (PPI).

The survey was completed by 71 senior executives in the upstream oil and gas sector, representing a diverse range of activities, including exploration, production, and drilling services. The results are used by policymakers, investors, and industry stakeholders to identify areas for improvement and to inform strategic decisions.

Main Findings

Top Jurisdictions in the US

• Texas ranked 1st with a PPI score of 100.00.
• Oklahoma ranked 2nd with a score of 98.38.
• Wyoming ranked 3rd with a score of 97.54.
• Other US jurisdictions in the top 10 include:
  • North Dakota (4th) – 94.71
  • Kansas (5th) – 90.68
  • Mississippi (6th) – 83.46
  • Utah (7th) – 82.28
  • Montana (8th) – 77.92
  • Pennsylvania (9th) – 77.62
  • Louisiana (10th) – 76.01

Top Jurisdictions in Canada

• No Canadian jurisdiction ranked in the top 10.
• Saskatchewan (11th) – 75.11
• Alberta (12th) – 70.43
• Newfoundland & Labrador (16th) – 55.30
• British Columbia (18th) – 50.44
• Northwest Territories (20th) – 24.50
• California (22nd) – 0.00

Key Concerns in Canada

• Environmental regulations are a major concern, with 76% of Canadian respondents indicating that they deter investment, compared to 49% in the US.
• Regulatory duplication and inconsistencies are also significant issues, with 72% of Canadian respondents citing this as a deterrent, compared to 45% in the US.
• Cost of regulatory compliance is a key concern, with 70% of Canadian respondents indicating it deters investment, compared to 43% in the US.

Improvements in Canada

• All Canadian provinces improved their PPI scores compared to 2020, except for Newfoundland & Labrador and the Northwest Territories, which were not included in the 2020 survey due to low response rates.
• British Columbia improved its score by 26 points, Alberta by 7 points, and Saskatchewan by 3 points.
• Saskatchewan emerged as the most attractive Canadian jurisdiction for upstream investment, followed by Alberta, Newfoundland & Labrador, and British Columbia.

Key Concerns in the US

• California was the worst-performing US jurisdiction, with 50% of respondents indicating that the cost of regulatory compliance would deter investment.
• Oklahoma and Texas ranked among the top jurisdictions, with Oklahoma showing a slight decline in policy scores compared to 2020.

Main Viewpoints

• Regulatory challenges are a defining issue for Canada's energy competitiveness.
• Environmental uncertainty, regulatory inconsistencies, and high compliance costs are the main concerns in Canadian provinces.
• Texas is seen as the most attractive jurisdiction due to its transparent, effective, and fair regulatory regime and supportive policies for infrastructure and production growth.
• Alberta and British Columbia face particularly high levels of regulatory uncertainty and compliance costs.
• Saskatchewan has shown the most improvement in the PPI score, indicating progress in reducing investment barriers.

Key Information

• Survey Methodology:

  • The survey includes 16 policy factors.
  • Each factor is evaluated on a scale from 1 (Encourages investment) to 5 (Would not pursue investment due to this factor).
  • A Policy Perception Index (PPI) is calculated based on standardized scores derived from the survey responses.
  • The PPI score is normalized using the formula:
    $$
    \left(\frac{V_{\text{max}} - V}{V_{\text{max}} - V_{\text{min}}}\right) \times 100
    $$
    where Vmax = 100 and Vmin = 0.

• Survey Sample:

  • 71 respondents participated in the survey.
  • Respondents were senior executives from upstream oil and gas companies.
  • Over 50% of respondents were in leadership positions (chairmen, CEOs, etc.).

• Survey Scope:

  • Five Canadian provinces and territories were evaluated.
  • 17 American states were included in the survey.
  • US Offshore regions (Gulf of Mexico and Alaska) were also assessed.

• Industry Insights:

  • Unconventional oil and gas remains a significant focus for many firms, with 19% of upstream activities involving unconventional oil and 12% involving unconventional gas.
  • Hydraulic fracturing is a major activity in both the US and Canada.
  • Regulatory processes in the US are seen as more transparent and efficient compared to Canada.

Conclusion

The 2021 survey highlights that the US outperforms Canada in 14 out of 16 policy factors, with Texas leading the way in investment attractiveness. While Canadian provinces have made some progress in improving their PPI scores, they still face higher levels of regulatory uncertainty and compliance costs than their US counterparts. This indicates that regulatory reforms and policy consistency may be critical for improving Canada's energy sector competitiveness.