I wouldn’t get too hung up on peak oil theory. The key is financing. As banks take a long term view on declining oil demand (which I think is very premature btw), new projects become harder and more expensive to develop. Meantime, hydrocarbons are expected to be responsible for 70% of energy production by 2050 (vs 80% today) mostly coming from a decline in coal. This is against a global GDP that is easily expected to double in the same time.
https://www.sec.gov/comments/s7-10-22/s71022-20129438-295567.pdf
Woodside, page-163
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