ExxonMobil VP Discusses New Resources & Advanced Technology

McGill noted that world demand for oil and gas is expected to increase by 1.7 percent per year, while the world’s oil and gas fields on average are declining in production at a rate of 4 to 6 percent per year. This base decline, coupled with the growing demand for oil and gas, means that the amount of new daily production needed in 2020 is nearly equivalent to replacing all of today’s daily production.

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