We will also grow in countries where governance and development issues may present additional challenges for us as an energy company.
In some countries, resource wealth combined with weak public institutions has led to poor political, democratic and welfare outcomes.
At the same time, newfound wealth often creates demands for rapid improvements in living standards as host-country populations expect to share in the benefits. Skilful management of diverse social and political contexts will be required to succeed in such environments.
With oil prices at record levels and increasing competition over reserves, expectations that international oil companies will help host countries to meet many of these challenges are rising.
Access to resources is becoming conditional on directly addressing the growing development needs and aspirations of such nations.
Local content is increasingly demanded, and is becoming a source of competitive advantage in gaining access to new opportunities.
