India’s Oil Minister Murli Deora, has been in Burma for the signing of oil and gas exploration contracts between state-controlled ONGC Videsh Ltd and Burma’s military rulers.

The signing ceremony was an example of how important Burma’s oil and gas resources have become in an energy-hungry world.

Burma’s proven gas reserves were 19 trillion cubic feet at the end of 2006.

Although that's only about 0.3 percent of the world's reserves, at current production rates, the deposits are worth almost US$2 billion a year in sales over the next 40 years.

Even as Burma’s military junta intensifies its crackdown on pro-democracy demonstrations, oil companies from all over the world have been jostling for access to the country's largely untapped natural gas and oil fields, which activists say are financing a repressive regime.