It is impossible in a reasonable space of time to cover the changes that have occurred in relationships between host countries and oil companies since the first concession agreements in the early 1900’s. It is difficult to cover even the developments of the past three years. Oil producing countries have, of course, always wanted a greater share of the profits from producing operations within their borders and to exercise a greater control over such operations. With the use of hindsight it is possible to say that the degree to which these twin goals have been achieved over the past few years is not remarkable. I believe it is true, however, that five or even three years ago very few, if any, in the petroleum industry would have forecast the success which the producing countries have achieved.