Opportunities abound in many underdeveloped regions of the world, but risk factors such as political instability and varying levels of government control often make local recompletion work look much more appetizing. "Risk management is definitely crucial," Ted Bogle, vice president, portfolio management for Nexen Inc., said at Deloitte's annual oil and gas conference in Houston recently. "But you have to remember, when perceived risk is greater than real risk, there lies an opportunity to make money. Access to quality acreage is the industry's scarcest resource. Only in limited areas does full and open competition exist because of government regulation." Bogle advises that to be competitive, it is important to be flexible, and intangibles such as knowledge and people will increasingly be the drivers of value. "Best practices and technology are narrowing the time from discover to production," he said. "However, the time frame in West Africa is still about six years." Rich Kruger, vice president, Asia Pacific/Middle East for ExxonMobil Production Co., believes technology and security are two of the biggest factors in the international market. "Concerns of safety of current supply will affect investors' confidence. It is the role of governments to give companies access to resources, observe the sanctity of contracts and give our workforce security," he said. "Technology makes unconventional resources conventional. Finding new resources, understanding the subsurface, optimizing development and commercializing remote resources are the future of the oil industry." Larry McVay, chief operating officer, TNK-BP, advises companies looking for international success to have clear plans, an established track record of success and continued intent to develop. -Taryn Maxwell