Since early twentieth century there has been on average 30 years of known reserves of oil.at the current rate of consumption.
There is no incentive to keep exploring beyond that, so there are ebbs and flows in price and drilling of exploration wells.
Exploration and development techniques have progressed due to innovation coupled with new technology like advanced supercomputers, robotic underwater vehicles etc
i worked for Schlumberger, who invented electric prospecting with simple apparatus for measuring streaming potential and conductivity of rock formations using electric cable, through to today's nuclear and magnetic resonance techniques, 4D seismic and continuous measurement while drilling. Directional drilling opened up the vast shale gas and oil resource that restored US to world leadership in oil production.
Don't believe the alarmists who have agenda to sell bad news, or promote their own political or economic agenda.
Chicken Little is alive and well, on a screen near you.
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