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FILE PHOTO: Heavy earth moving equipment work clearing an area at the new Suncor Fort Hills tar sands mining operations near Fort McMurray. By Nia Williams and Divya Rajagopal (Reuters) – Institutional investors are returning to the Canadian oil and gas sector with gusto after shunning the industry over ESG concerns in recent years, but the appetite for new energy listings remains limited due to wider market volatility. French oil major TotalEnergies will be the first major test of energy investor interest for new listings. Last month, it unveiled plans to spin off its Canadian oil sands assets into a new publicly traded company, which surprised many industry watchers. The next day, Teck Resources said it was also considering a spin-off of its Fort Hills oil sands project, in which it is a part-owner with TotalEnergies and Suncor Energy.[nL1N3101NT] The success of any initial public offerings (IPOs) over the next year would depend on whether oil price volatility calms down after turbulence in 2022 following Russia’s invasion of Ukraine and on worries about global recession, investment bankers and analysts said. "The energy sector has performed quite well and valuations remain attractive … but everyone is braced for more volatility […]
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