• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 9 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 3 hours EU to Splash Billions on Battery Factories
  • 7 hours U.S. Shale Oil Debt: Deep the Denial
  • 15 hours The Balkans Are Coming Apart at the Seams Again
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 3 hours The Dirt on Clean Electric Cars
  • 2 hours Owning stocks long-term low risk?
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 17 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 1 day 10 Incredible Facts about U.S. LNG
  • 1 day U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
Lithium Is Yesterday’s News – Vanadium Is The Future

Lithium Is Yesterday’s News – Vanadium Is The Future

Scalable sustainable energy storage has…

Why Is This Little-Known Element Up Over 300%

Why Is This Little-Known Element Up Over 300%

Element ‘’V’’, better known as…

Norway Tops Natural Resource Management Ranking

Norway

Norway placed first in a new international ranking of countries’ management of natural resource extraction and wealth, closely beating out Chile, Britain, and Canada for the top spot.

The New-York-based Natural Resource Governance Institute (NRGI) also said that over four-fifths of the world’s major mining, oil and gas-producing nations fail to productively manage their natural resources due to inadequate corruption and transparency standards.

NRGI ranked 81 countries, 66 of which had “weak, poor or failing” oversight of extraction activities. Canada took fourth place, and the United States took fifth.

"Good governance of extractive industries is a fundamental step out of poverty for the 1.8 billion poor citizens living in the 81 countries we assessed...," NRGI chief Daniel Kaufmann said. "It is encouraging that dozens of countries are adopting extractives laws and regulations, but often these are not matched by meaningful action in practice."

Norway is notorious for its $960 billion sovereign wealth fund, which uses oil and gas profits to fund green energy ventures and social services for its citizens.

Saudi Arabia (69th) and its Gulf allies fared poorly on the list, likely due to the monarchical nature of the regimes and the opacity of the nations’ state-run energy giants. Kuwait (33rd) took the highest spot of GCC nations, while Oman (39th), the United Arab Emirates (54th), Qatar (53rd) and Bahrain (59th) trailed behind. These nations are known for their own sovereign wealth funds that invest in foreign properties and other industries to diversify risk.

Related: Goldman Sachs: Oil Crash Unlikely To Continue

The report emphasized that problems with natural resource management and regulation touch both poor and wealthy nations.

“Western Australia scores low in governance of licensing and taxation,” it said. “The U.S. scores only 50 of 100 points for its policies and practices in protecting the local environment in the Gulf of Mexico. Of the 13 high-income countries in the index, 6—all in the Middle East—fail to achieve either good or satisfactory composite scores.”

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News