Oil Industry

Innovation and private enterprise have yet to challenge the energy sector's centrality

The country has the chance to change direction, open up, and win the investment that would transform its natural and human resources into the economic engine needed. It just needs the will.

Old fields could produce 400,000 barrels of oil per day within a year and there are some large natural gas reserves to exploit, but investment is needed to make the most of the opportunity.

Promising new discoveries, big new deals on gas, and a successful second public share offering is shaping one of the world's biggest companies to beat its own high expectations.

Streamlining the public sector, enhancing the role of the private sector, and reviewing financial policies away from sovereign funds are just some of the reforms needed. Time is running out.