This report presents the results of the Fraser Institute’s 4th annual survey of petroleum industry executives and managers regarding barriers to investment in oil and gas exploration and production in various jurisdictions around the world. The survey responses have been tallied to rank provinces, states, and countries by the severity of investment barriers such as high tax rates, costly regulatory schemes, and security threats, among other factors.

A total of 645 respondents completed the survey questionnaire this year, providing sufficient data to evaluate 133 jurisdictions. This compares with 143 jurisdictions in 2009. In the 2008 and 2007 surveys, 81 and 54 jurisdictions were evaluated, respectively.

The jurisdictions have been assigned scores for each of 17 factors that affect investment decisions. The scores are based on the proportion of negative responses a jurisdiction received; the greater the proportion of negative responses, the greater the perceived investment barriers and, therefore, the lower the jurisdiction’s ranking.

The All-Inclusive Composite Index, derived from the scores on all 17 factors, provides a comprehensive assessment of the extent of investment barriers in each jurisdiction. On this basis, the 10 least attractive jurisdictions for investment are Bolivia, Venezuela, Russia, Ukraine, Iran, Turkmenistan, Ecuador, Nigeria, Iraq, and Kazakhstan. Six of these countries, Bolivia, Venezuela, Russia, Ecuador, Nigeria, and Kazakhstan, were also among the 10 least desirable jurisdictions for investment identified in the 2009 survey.