I worked in the oil & gas biz for a good while from the early 80's up until a couple of years ago for service company's such as Schlumberger etc and for Wintershall, Germany's largest internationally active crude oil and natural gas producer.
I agree with below ....
LONDON, Nov 5 (Reuters) - Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand, rather than supply, that is nearing its apex.
BP earlier this week said the world is no longer at risk of running out of oil or gas for decades ahead. Existing technology is capable of unlocking so much fossil fuel that global reserves would almost double by 2050 to 4.8 trillion barrels of oil equivalent (boe), the British giant said.
With new exploration and technology, the resources could leap to a staggering 7.5 trillion boe, it said.