National Post

Investors ‘more comfortable’ putting money into gas projects in Iraq than Quebec: banker
National Post

Canada’s oil and gas industry is “losing the war” against anti-hydrocarbon activism as the balance of power tilts in favour of project opponents, says the head of Quebec’s Oil and Gas Association.

“Investors are very used to the risk of exploration,” said Thomas Korsdalen of Norwegian investment bank Pareto Securities, which helped Questerre raise about $200-million for projects including shale gas in Quebec. “I mean often times you don’t find the gas or oil. But we have never experienced this: That you find what you are looking for [and then it doesn’t get developed]. You find a pot of gold and you’re not allowed to touch it.”

Mr. Korsdalen said Pareto is involved in raising money for oil companies working in Iraq, Kurdistan and Africa. “That feels a lot more comfortable [for investors] than putting in any more money in Quebec right now,” he said. “I think it would be very hard for me today to go out and raise any money for any project in Quebec.”

Il y a quelques semaines, on a soupiré en apprenant que le Québec, avec Cuba, l’Iran, la Corée du Nord, le Soudan et Syrie, était exclu d’un concours de National Geographic. Une anecdote désolante, mais sans trop de conséquences.

Par contre, quand un banquier norvégien vient nous dire que le Québec est moins sûr que l’Irak, le Kurdistan ou l’Afrique, l’anecdote est beaucoup moins amusante… Quand on dit que le PQ et le lobby écolo ont fait du Québec une république de bananes, ce n’est plus une métaphore…