• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 25 mins The Tony Seba report
  • 12 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 21 hours Oil prices going Up? NO!
  • 8 hours Kenya Eyes 200+ Oil Wells
  • 8 hours Are Electric Vehicles Really Better For The Environment?
  • 2 hours LNG Shortage on the Way
  • 17 hours Saudi Arabia turns to solar
  • 2 days Could oil demand collapse rapidly? Yup, sure could.
  • 1 day Oil prices going down
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 8 hours OPEC soap opera daily update
  • 5 hours Could Venezuela become a net oil importer?
  • 2 days Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 2 days Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 min Sell out now or hold on?

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:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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