Oil exploration and development ought to be considered essential priorities for Canada, according to the panel of CEOs and business leaders. Oil and gas development is vital above all to protect energy security and secondarily as a contributor to economic growth.
Almost all respondents (91%) agree that it is important for Canada to encourage oil and gas exploration and development. An overwhelming 93% say oil and gas exploration is important for the security of Canada’s energy supply and 82% say it is important for the growth of Canada’s GNP.
Canada’s CEOs and business leaders believe that Canada is retaining a competitive international position in the oil and gas industry, but they are not pleased with the performance of Newfoundland Premier Danny Williams and other players. When respondents were asked to give a performance score for each of the players, Newfoundland Premier Danny Williams received a score of 42 on a 100 point school, report-type scale—a failing grade—for telling companies that he looks to Russia and Venezuela as models and would rather leave energy in the ground than reap too low a tax revenue from it.
Most panellists (73%) say that general regulatory burdens from Canadian governments are the greatest challenge for oil and gas exploration companies. Aboriginal demands rank as the second greatest challenge facing Canadian firms. These political challenges are seen as far greater dilemmas for oil companies than Canada’s climate, the high cost of technology, and the regulation of the fish habitat.
In response to the regulatory burden that may discourage oil and gas explorations in Canada, 85% of respondents say that the federal and provincial governments should collaborate in developing a common energy policy so that oil and gas companies can count on predictability from the government when making their investment decisions.
These are some of the key findings from this week’s web poll of business leaders and CEOs, sponsored by BDO Dunwoody LLP and the Canadian Chamber of Commerce.
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