Tuesday, July 22, 2008

Arizona #1 in the world for oil and gas investment

Arizona is the most attractive jurisdiction in the world for investing in oil and gas exploration, according to a new study by the Fraser Institute and reported in the Oil and Gas Journal. Nine of the top 10 locations are in the U.S. with Saskatchewan filling the #6 slot. The rankings are based on having low barriers to investment.

Bolivia was ranked as the least attractive country for petroleum investment in the Global Petroleum Survey 2008 which was completed by companies that accounted for more than 1/3 of of the petroleum industry's global spending on exploration and production.

The other top US areas are Arkansas, Oklahoma, Alabama, Ohio, Texas, New York, Kansas, and the US Offshore. Colorado is reported as falling out of favor because of more permit requirements and stringent regulations, resulting in drilling costs increasing by $60,000 to $600,000 per well. Also on the outs are Alaska and California.

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