Use the free Adobe Acrobat Reader to view the full text (51 kb pdf file.)

This paper was issued as background material for a Board seminar.

Contents
I.	Background
II.	Obstacles to Investment
	A.	Price and Demand Uncertainties
	B.	Specific Constraints in the Case of Oil-Exporting Countries
	C.	Downstream Investment
III.	Status of PRGF-HIPC Financing
	A.	OPEC Producers
	B.	Non-OPEC Producers
IV.	Conclusions
Annex 1. Foreign Investment in Upstream Oil Sector of Selected Countries