Because of high oil prices, producing countries are awash with cash and are confident about developing energy projects without the assistance of IOCs. However, they are seeking technology transfers, skills training, infrastructure support, and economic development.

Tighter fiscal regimes are making it more difficult for IOCs to propose economically attractive projects. West called on IOCs to find ways to align themselves with building the gross national products of their host governments in accessing new resources. He told OGJ that BP PLC has found ways to develop the infrastructure in Azerbaijan to help grow its economy.

But many nationals from producing countries want their countries to diversify from the oil sector to drive economic growth. "BP has a commitment to use local content," said Peter Manoogian, president of BP Exploration Libya. "The petroleum industry draws on other industries to help it diversify from oil. We want to enhance the supplier side of the business to help other industries."