which could be used for investing in other devel-oping countries, in a secure way,while earning satisfactory returnsiA/40/stL Enclish Page 20 58. Finally, in order to facilitate the flow of foreign capital, public orprivate, for tbe exploration and developnent of energy resources inenergy-deflcient developing countries, an international exploration insurance fund could be eonsidered. Since it should concentrate on projects that are perceived to have high risks, dnil since the premiums would nornally bave to be correspondinglyhlgh, the fund would have to be financed by public sector resources. In this connection, it should be noted that the gforld Bank has proposed the establishmentof a multilateral investment guarantee agency which is intended to stimulate theflow of investnents to and among developing countries by issuing long-term guarantees against non-cotnmercial risks, including capital transfer andinconvertibllity, expropriation and nationalization, breach of governnent contract, war and civil unrest. 56/ . CONCLUDING REMARKS 59. Notwithstanding the abundant availability of energy supply in the world today, serious energy problens may surface in the 1990s. Efforts to develop the energy regources of developing eountries have to be given serious attention. Although mueh of the effort must be made by the developing countries themselves, the developed countries and the international community should provide the developing countries with crucial supporting aetions. The magnitude of the problem, particularly the financial reguirement, is monumental. A concerted deployment ofpolicies at.the national and international levels is therefore essential to yield meaningful results in developing the energy resources of developing countries, in the context of long-term world energy reguirements. Notes y !'or a fuller treatment of the possible reasons contributing to thevariation in estinating hydrocarbon reserves, see Michel Halbouty, "world petroleum reserves and resources" ard Peter Odell, "Oi1 and gas potential in developingcountriesi, both in Petr6Gum Exploration strategies in Developing Countries, proceedings of the United Nations meetingz London, 16-20 March 1981 (tondon, Graham and Trotman, 1982). y Halbouty, op. cit.
**Analysis**
The text discusses the development of energy resources in developing countries, highlighting the importance of international cooperation and investment to address the potential energy problems of the 1990s. The author suggests ways to facilitate foreign capital flow and mitigate risks for investors, including the establishment of an international exploration insurance fund and a multilateral investment guarantee agency. The focus is on the economic and financial aspects of energy development, rather than on environmental, social, or cultural impacts.

**Category**
Economic development, Natural resources and environment