We are living in a new age of energy supply anxiety.
So the major obstacle to the development of new supplies is not geology but what happens above ground: international affairs, politics, investment and technology.
People always underestimate the impact of technology. To give you an example: In the 1970s the frontier for offshore development was 200 meters, today it is 4,000 meters.
The Russians are turning east to the Chinese - to the Europeans' surprise. It always seemed to me that the relationship between Russia and China would shift from being based in Marx and Lenin to being...