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2008 oil reserve replacement lags production: study

Reuters, 23 September 2009

Global oil and natural gas reserve replacement fell to 88 percent of production in 2008, despite a 23 percent increase in development spending in that year, according to a study released on Wednesday. That was the first year since 2004 when global production was not replaced, according to the study done by research firm IHS Herold Inc and upstream consultant Harrison Lovegrove & Co Ltd.