During the 1940s he established 11 new oilfields and expanded several others.

But it is a valuable and needed asset, and U.S. companies have the expertise to enhance current oil extraction and explore new oilfields in the Soviet Union.

The new oilfields, like Ilyich Bay, Qara-Chukhur, Lok-Batan and Kala have been discovered.

A few years ago big overseas exploration companies were keeping step with the global oil companies as the oil giants budgeted more money to find big new oilfields outside the United States.

But if new oilfields are not developed soon, Ecuador will stop exporting oil by the end of the decade.

On the one hand, in his speech to Congress on Tuesday the President advocated stimulating domestic oil production through tax incentives and developing new oilfields.

Experts say that few new oilfields remain to be discovered in those regions, but that existing fields have vast reserves that are too costly to recover.

Oil producers held back on the search for new oilfields for fear of losing on their investments.

Nonetheless, realisation of Baku's potential vulnerability encouraged Soviet engineers to develop new oilfields in distant Siberia after the war.

In addition to the exploration for oil and gas establishing new oilfields, a lumbermill would provide employment.