[Eagles Talon IV]

"Actually, even with new finds, total North Sea output is in decline.

How can you make this claim in light of the fact the article clearly states the size of the find is not yet known?

[RayChuang88]

People forget that now with advancing deep-water oil production technology, we could reach oilfields not only far out into the continental shelves but also find oil in extreme depths. BP estimated that if we could exploit all the oil the Gulf of Mexico we could equal the entire Middle East!

And that's only the beginning. In the former Soviet Union, the lack of access to modern Western oil production technology has limited access to the oilfields in Siberia; but now that companies like Lukoil have development agreements with Western oil companies, a lot of oil will soon become available that could drastically increase the world's oil supply.

Peak oil indeed.