West Africa Better Than Canada For Oil Investment Says Energy Executive

“You’re seeing massive outflows of capital from Canada to the U.S. – and you’re actually seeing capital from the world, globally, leave Canada and go elsewhere.”

As the policies of the Trudeau government continue to devastate the Canadian energy industry, it’s becoming starkly clear how bad things are getting.

Now, here’s what Steve Laut, the executive VP of Canadian Natural Resources, is saying about the situation:

“We’re basically in Canada, the U.K. and offshore west Africa. I will say that we’re doing our budget right now and clearly the U.K. and offshore Africa look much better than Canada for investments. We’re still working it out, but they look much better. You’re seeing massive outflows of capital from Canada to the U.S. – and you’re actually seeing capital from the world, globally, leave Canada and go elsewhere. We’re just not competitive.”

Now, the U.K. and West Africa are not normally seen as oil industry powerhouses. Meanwhile, Canada has a gigantic amount of oil reserves.

The only way Canada could seen as a worse place for investment than the U.K. or West Africa is for the government to be actively damaging the Canadian energy industry, which is exactly what’s happening.

Billions of dollars of potential wealth are being squandered, jobs are being lost, and an entire province is being betrayed. As I keep asking, how much longer will people put up with this?

Spencer Fernando

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A.A. BurleyRon VossDon TaylorDelGonzo the Magnificent Recent comment authors
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Bruce
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Bruce

Trudeau should not show his face in Alberta.

Gonzo the Magnificent
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Gonzo the Magnificent

They will put up with it for 4 more years starting in October 2019! Eastern Canada ALWAYS gets it’s way – and I’m from Eastern Canada and am sick to death of the disaster our oil industry has to endure by that traitorous Liberal government!

Del
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Del

Not just the oil industry, Spencer. Fast food franchises, clothing retailers, car dealers and on and on, all make plans for the future. Why build the mall or the corner store or the home renovation superstore if few people will not be able to afford to buy? Housing starts drop which means logging companies stay static or shut down which means logging trucks and heavy logging equipment doesn’t sell or get manufactured. Amazon’s decision to dump Toronto and Canada as an attractive place to invest wasn’t made on a whim. They invest and expand after a lot of market research… Read more »

Don Taylor
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Don Taylor

Turdeau is out to destroy Canada ,only a fool would discourage investors from investing in Canada,and a bigger fool for legalizing Marijuana,we will have a nation of pot heads and worse

Ron Voss
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Ron Voss

According to Canadian Natural Resources, their company has “a strong commitment to continuously reducing GHG emissions intensity”. And they cry about investments going to West Africa!

A.A. Burley
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A.A. Burley

Kidnappings and Murder make Africa a better place to invest in than Canada. Yeah and everyone says Trudeau is doing a great job say’s CBC poll