6.500
%
Uncertain
4
mm boe
93
%
Trudeau's limitation of the segment appears to be waning, with the respective provinces beginning to push back on the more restrictive O&G legislation. However, there remains a strong an vocal cabal within government that is resisting such pressure. Consequently, we have upgraded out outlook to Uncertain.
March 1, 2024
Americas - North
mm bbl
bcf
Northern North America, bordering the North Atlantic Ocean on the east, North Pacific Ocean on the west, and the Arctic Ocean on the north, north of the conterminous US.
Concession
Concession-based fiscal regime. Signature bonuses are payable and are used as the basis of awarding leases. The contractor pays royalty on both oil and gas production, and federal and provincial income taxes.
Canada, despite the strain placed on it from overly restrictive COVID policies, appears to be recovering well, with the IMF predicting 1.5% growth in 2023. Despite a generally welcoming foreign investment environment, Canada maintains investment stifling prohibitions in the telecommunication, airline, banking, and cultural sectors. The 2022 budget proposal included language that could limit foreign ownership of real estate for a two-year period (to cool an overheated market and lack of housing for Canadians).
Source: ESRI, Heritage Index, HMG Foreign & Commonwealth Office, US Department of State, International Trade Administration, International Law Review, Ernst & Young, Wood Makenzie & OGA data.
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