One issue has been that big foreign oil companies complain of policy uncertainty and delays in approvals. Should they be worried? The tones of nationalism typically occur anywhere, especially in an election year. The companies should understand that.

Number two, the new leadership should come up with a framework that is clear in providing the fiscal incentives to do business – it shouldn't be taking three years for an oil and gas company to get a POD (Plan of Development) approved. It should be minimized to a few months at most. And the cost recovery system ought to be simplified. If these things are done, that should be enough to convince anyone to be in the oil and gas business here.

How should the fuel subsidy be handled? The subsidy has to be reduced on a gradual basis... and probably get to zero within five years. One way to start is to issue vouchers for subsidized fuel that cannot be used on weekends. That means 52 weekends in a year, 104 days, of savings. That will be a start.