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In 1972, the Club of Rome highlighted in The Limits to Growth report that oil reserves, as known at that time, represented a maximum of 30 years of global consumption. That assessment was reached, of course, without knowing about the evolution of exploration techniques, which led to new, and sometimes unexpected, discoveries; and new production technologies that allowed for better oil recovery and the development of frontier fields. Forty years later, proven oil reserves have doubled, despite the ever-growing demand for hydrocarbons, which still supply more than 50% of the energy consumed by the world’s 7 billion inhabitants.
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