Taking the analysis a little further, a piecemeal or cautious opening in the Gulf, which I believe is a likelier scenario, would be less likely to siphon off investments from the Caspian. Oil market fundamentals such as worldwide supply and demand issues, as well as price, are unpredictable. The downturn in prices last year had a major impact on the industry, but a sustained period of high prices and demand would tilt again the momentum in favor of a new wave of active development efforts in the Caspian. In the reverse situation, a continued slump may bode well for the Gulf insofar as these states see it in their interest to attract foreign participation to sustain their sectors in the face of depressed prices. In spite of these challenges, I still believe that the Caspian is a good long-term bet.
Companies appear to think so as well.
Things are slower in Baku than they were several years back, but nonetheless companies are still competing actively for oil and gas projects. Continued successes upstream will make finding secure oil and gas transport routes the key to sustaining the region's development. By continuing to aid our companies in their talks with regional governments and to facilitate negotiations in the interests of all parties, we hope to continue to foster close and lasting partnerships both throughout the region and with consumers worldwide. Thank you very much.