In Greek myth, Opportunity was a woman who had long hair in front but was bald at the back. She had to be seized before she passed by. The Middle East's countries, with 40 per cent of the world's gas reserves but just 16 per cent of production, are likewise in danger of letting opportunity slip through their fingers.
Signs of problems with gas policy are everywhere. Some are egregious - Iran, with the world's second-largest gas reserves, is a net importer.
In the late 1990s, as the scale of its gas resources became clear, Iran engaged in a long, fruitless national debate. Should gas be exported to earn revenues, used for domestic industry or injected to sustain oil production? In the end it achieved none of these things. Iran had exaggerated ideas of its indispensability, sought premium pricing for its unreliable gas supplies and demanded tough terms from international investors.
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