To many oilmen, the Gulf of Guinea looks more appealing than the Persian Gulf.
But for shippers no less than for oilmen and miners, expectations of quick gains may be overdone.
It is opening new parts of the country to drilling, although not as quickly as oilmen would like.
The euphoria of the western oilmen quickly turned to frustration, and few risked big investments in the country.
Just now oilmen are focused on the rapidly slowing demand for their product.
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Oilmen are talking of embracing independent audits of reserves and other voluntary measures designed to head off onerous new regulations.
Azerbaijan, where drilling is more advanced than in Kazakhstan, has so far disappointed oilmen by yielding up mostly natural gas.
Bankers and oilmen in Russia can often dictate terms to government, and Mr Vasiliev has trodden squarely on their toes.
It's a battle cry once made by oilmen and ranchers, and now state and local governments are taking up the cause.
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Diverse and new sources of supply, superior competitors (notably natural gas), and sluggish demand despite booming economies spell trouble for oilmen.
All of this points to a rude awakening for oilmen, who have long operated as though market forces did not really apply to their business.
Through BCCI, Mahfouz was linked to oilmen and the Texas elite.
That amounts to adios to further private investment, say some oilmen.
Commercial reality would see Argentina as the original supplier of most of the oilmen's needs (and possible market for their output, especially if gas is found).
It has been shaped by two influxes from south of the border: first of ranchers and farmers, and then in the 1950s of oilmen from Texas.
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The next time the oil price falls or money runs short, it might end up having to offer even more munificent terms to lure the oilmen back.
In the event Mr Harper consolidated the Conservatives' solid western base of Alberta oilmen and Saskatchewan farmers, and picked up seats in suburban Ontario and the Maritime provinces.
But that is tough even for seasoned oilmen to do.
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To reassure oilmen, Mr Putin told a group of businessmen that they should have nothing to fear if they pay their dues and shell out for much-needed new infrastructure.
But before a test well has been drilled, it is near-impossible to be sure whether the geological idiosyncrasies that excite oilmen will yield either oil or gas (or sometimes both, and often nothing).
He was one of the first western oilmen to build up contacts in Azerbaijan as the Soviet Union was crumbling, and he persuaded the Azeris to let him represent them to the world oil industry.
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