1. Wildcat Drilling in Stable Democracies Brief for the British Petroleum Board Members Caroline Zier BP Political Risk Consultant Team

2. Bottom Line Up Front Recommendation: Pursue wildcat drilling licenses with countries meeting two criteria: –Currently a democracy –Per capita income greater than $10,500 USD

3. Wildcat Drilling Explorations to find oil without knowing beforehand that an oil field exists in the area High risk, potential for high reward Mitigate risks and protect public image by partnering with democracies with high per capita income

4. Methodology Survival of democracy is strongly correlated with the level of per capita income (Przeworski et al.) –Freedom House list of Free countries in 2008 For our purposes, we equate Free to Democracy –Cross-referenced list with per capita income in 2008 GDP per capita (PPP)

5. Top Recommendations Liechtenstein Luxembourg Norway United States Andorra Ireland Iceland Switzerland The Netherlands Austria Australia Canada Sweden Belgium Denmark Finland United Kingdom Germany Spain Japan

6. Questions?