It's free. And effectively eternal."
Maybe on an eternal time scale. To have an oilfield you need a source [you can assume aboitic oil if you wish -- I wouldn't but it doesn't spoil the logic] and you need a suitable trap [porous, permiable, and with a good seal] at a depth no greater than 15 to 17,000 feet below the ground / seabed as that is about the limits of commercial oil. Natural gas exists much deeper, and has been produced commercially from much deeper. Not so oil.
In any event, most of the great easily accessible traps have been drilled. Some contained oil. Some contained natural gas. Some contained both. And others were "dry" -- a funny term to apply to water wet. If oilfields recharge, they do not do so quickly. It is possible redrill old field and produce some oil but typically not a lot and usually not enough to be economic.
All oil wells, oilfields, and countries will peak and decline. Texas still produces a lot of oil, but has been in a steady and largely uninterupted decline for almost forty years despite the best efforts of thousands of very smart people, using the best technology, and largely unimpeded by Government.