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Even as assurances come from industry and analysts that world oil and gas output has not yet peaked, one caveat is almost always attached: Future output growth depends on continued technological advances.The US Energy Information Administration reported that proved Gulf of Mexico gas reserves dropped 15% in 2004, while proved crude reserves in the gulf fell 9%.The UK Offshore Operators Association’s Economic Report for 2005 estimates the UK’s production decline for oil and gas through 2020 at 7%/year. Even this rate of decline, however, is contingent upon investments of £4 billion/year. Lower investment levels could see the country importing 90% of its oil and gas needs ...

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