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The demand for oil and gas is expected to remain a critical component of the energy landscape over the next decade In New Zealand government has reacted to supply challenges by lifting embargoes on the search for new fossil fuels. A recent McKinsey report says global demand for oil is projected to continue to grow in the short term before plateauing over the next five to seven years and then declining. In the case of natural gas, demand is projected to rise in the medium term across all scenarios.