endowed developing countries. Almost 80 percent of the world's petroleum reserves and 65 percent of its natural gas reserves are found in developing countries, especially within the Islamic Countries represented here today. These reserves numbers are only half of the story, however. Just as significant are the resources that remain undiscovered. The extent and intensity of hydrocarbon exploration in developing countries as a whole is relatively low. We know from past experience that as technology advances, and we gain better knowledge of the subsurface, we will find, develop and produce even more energy in developing countries. The world's expanding need for energy will be an engine of growth for developing countries with energy resources. However, experience shows us that reliance on resource exports can be a double-edged sword, leaving the economies of exporters vulnerable to the inherent volatility of commodity prices. Recently, we have seen energy exporting countries step out of the old model of over-reliance on resource exports. Instead, developing countries are creating their own models that leverage energy resources, add value, diversify and maximize the benefits to their economies. There are many possible approaches. Local conditions dictate which is best for any individual country. Where appropriate some countries are choosing to add value by processing petroleum into usable finished products through the construction of refineries and petrochemical plants. Some are also attempting to leverage their resources by starting companies and developing industries that provide support services to the resource industry. By leveraging their valuable energy resources in this manner, resource rich developing countries can maximize the value of those resources. In doing so, they can create a more robust and diversified economy that produces skilled, high-paying opportunities for their citizens. --More
