In the past two years Brazil has discovered the largest oil deposits in the country's history and the world's most promising fields since the Kazakhstan discoveries in 2000. This has put Brazil well on its way to becoming a major producer in the future.

The technology needed and the subsequent development and maintenance of the reservoirs will be extensive.

Russia holds the world's largest natural gas reserves and the eighth largest oil reserves. Russia is also the world's largest exporter of natural gas, the second largest oil exporter and the third largest energy consumer.

According to IMF and World Bank estimates, the oil and gas sector generated more than 60% of Russia's export revenues (64% in 2007), and accounted for 30% of all foreign direct investment (FDI) in the country.

India is now the world's fifths largest energy consumer and is also the largest emerging gas market in the Asia Pacific region.

There is an urgent need to explore new technologies in order to intensify exploration efforts to convert remaining prognosticated reserves, increase the recovery factor of producing fields as well as the setting up of LNG Regasification terminals and the laying of transnational pipelines.

China is the world's fastest growing oil consumer and is now the number two global user of petroleum, accounting for one third of the growth in worldwide oil consumption.

As a result, this traditionally off limits sector is rapidly opening up to large scale foreign participation particularly where advanced technologies are seen as the panacea to old and inefficient production practices.