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.

In a world of increasing interdependence, energy security will depend much on how countries manage their relations with one another. That is why energy security will be one of the main challenges of foreign policy in the years ahead. Oil and gas have always been political commodities.

Clearly, the Chinese need the resources, but I don't think they want to clash with the industrial world which happens to be the market for their goods.

An important United Nations environmental conference went past 6:00 in the evening when the interpreters' contracted working conditions said they could leave. They left, abandoning the delegates unable to talk to each other in their native languages. The French head of the committee, who had insisted on speaking only in French throughout the week suddenly demonstrated the ability to speak excellent English with English-speaking delegates.

The starting point for energy security today as it has always been is diversification of supplies and sources.

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 based in oil and gas.

But that's not enough: To maintain energy security, one needs a supply system that provides a buffer against shocks. It needs large, flexible markets. And it's important to acknowledge the fact that the entire energy supply chain needs to be protected.