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(World Oil) – The media are reporting new predictions that oil production in America is in irreversible decline. The short answer: oil production is not just a matter of geology—it’s a moving target shaped by economics, politics, innovation and infrastructure. oil production would peak in the early 1970s.
The net present value of proved reserves on the lease is less than or equal to three times the cost of the BSEE decommissioning estimate associated with production of those reserves; Or. The party’s co-lessee has an issuer credit rating or proxy credit rating that meets the criteria in (1) above; Or.
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