But foreign investment in the industry has come and gone over the years with the ebbs and flows of economic nationalism and – more recently – uncompetitiveness of investments in Canadian oil and gas, compared to opportunities elsewhere.Restrictions on Foreign InvestmentCanada has historically welcomed foreign investment, with two notable exceptions. The first was the measures taken after the rapid escalation of foreign ownership of Canadian businesses in the 60s, including in the oil and gas industry, which had become American-controlled following decades of foreign investment with no federal government review. In response, the Foreign Investment Review Act (FIRA) was passed in 1973, aimed at restricting foreign investment in Canada. As part of the program to counter the growth of foreign ownership of Canada’s oil and gas industry, PetroCanada was created in 1975 and the National Energy Program (NEP) was introduced in 1980. These and other measures were successful in increasing the levels of Canadian ownership in the oil and gas industry.When opposition to foreign investment subsided in the 1980s, steps were taken to attract investors back into the Canadian oil and gas industry, including replacing FIRA with the Investment Canada Act (ICA) in 1985, which streamlined the foreign investment review process,… Read full this story
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