Resource-rich but cash-poor countries need the technologies that foreign international investors have. The big oil companies have to offer systems management, integrated solutions and experience of large technologies. So these partnerships make good sense. In return, international companies need not just to be paid but to have some component of ownership. But in many resource-rich countries that ownership is precisely the rub. They say, "come in and bring money and we will be in charge".

So I think that might deter some companies from investing, but others may still see an opportunity to make a profit. I think the big oil companies will sign short-term contracts to service the oilfields of the resource-rich countries. Those contracts are meant to lay the groundwork for future investment. Oil companies have to ask themselves whether the conditions will allow for a reasonable profit. That's one of the major risks.

Given the technical realities, fewer countries may be able to nationalize their industries. The tide may not be exactly turning toward denationalization either, and the political risks make investment tricky. However, oil companies have to make a profit for their shareholders, and have to make sure the deals are seen in their favor. If they think they can make it and overcome the risks, they will go ahead.