Two big oil companies, Chevron and Exxon, have announced they’re going to invest $36.8 billion dollars US to expand their existing oil project in Kazakhstan, in Central Asia.
British Petroleum announced $8 billion to build liquefied natural gas infrastructure in Indonesia. A large Italian oil company announced $4 billion to develop offshore gas in Egypt.
Those are rough countries. But they’ve just locked in about fifty billion dollars of oil and gas investment, even though world prices are low.
Because in the eyes of world investors, the governments of Kazakhstan, Indonesia and Egypt are safer investment risks than Rachel Notley’s NDP.