PowerSwitch

(Something that spun off another thread....)

We've seen production statistics, we've seen discovery statistics, the fundamental assumption that appears to be made is that pretty much the whole world has been explored.

Has it?

Do statistics exist to indicate how many "dry holes" have been drilled? A graph of "fruitless exploration"?

Do maps exist indicating where seismic surveying has been undertaken?

The arctic and antarctic have not been well explored.
That is what the fight about the Russians planting their flag underwater near the north pole is all about.

Saudi Arabia *may* have more fields as their exploration is not as extensive as that of say, the North Sea or the Continental U.S.

Deep coastal regions round Africa and South America are only starting to get going.

The polar regions and deep coastal are technically challenging from which to produce, however, and in all likelihood will not save us from a trying period which is looming ahead.

Otherwise, yes, pretty much the whole world has been covered.

Statistically there should be another 200 or so billion barrels of oil left to find. That?s another Saudi Arabia or ~3 North Seas. Best bets? Off-shore (GoM, west coast of Africa, east coast of South America), Artic, South China Sea. It?s possible there?s some more in Iraq but in the Gulf, outside the Saudi, Iraq, Iran triangle it?s unlikely.