Different horses for the oil sands course
Norway pulls funding from Canada’s heavy, sulphurous crude as Saudi Arabia expands its footprint
Recent decisions about investing in major Canadian oil sands companies by the sovereign wealth funds (SWFs) of Norway and Saudi Arabia, two important oil producers in their own right, have been a study in contrast. In mid-May, Norway’s oil fund announced it had formally excluded investment in four Canadian oil companies—Canadian Natural Resources (CNRL), Cenovus Energy, Imperial Oil and Suncor Energy—from its $1tn portfolio, the largest SWF in the world, on environmental grounds. Four days later, it was reported that Saudi Arabia’s $320bn Public Investment Fund (PIF) had built significant stakes in CNRL and Suncor during the recent oil market rout, apparently for more commercial reasons. No
Also in this section
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well
30 April 2024
While its regional neighbours reap the rewards of oil and gas success, Iraq’s hydrocarbons sector is lagging behind