Having seen presentations from Barclays Capital on the very same, their opinion is that the oil industry is not taking *enough* advantage of marketing / business opportunities for oil exploration and production, if anything it is the markets who would move Peak Oil closer to now, not the oil industry supply chain itself.
The following are incontrovertible facts:
1) Peak Oil is an outdated concept
2) There is still more oil in the ground than we have ever extracted
3) Newer and faster computers means we can model, image and pinpoint reserves (mature and frontier) ever more accurately
4) Frontier areas in the world such as Greenland, Barents Sea, South China Sea, Indonesian / North Australia continental shelf, South Australia & Tasmania, even east Mediterranean and Japan are yielding up their wares, breaking records all the time on new oil and gas finds. Oil is everywhere.
Whether or not it is 'PC' to develop in these areas is the issue, and it remains that we are continuing to find new technologies to:
a) use what oil / gas we do extract ever more efficiently
b) reduce the need for using oil / gas at all
Both a) and b) are in full flight, improvements in technology are happening all the time, we all know we must stop using it, we are just not ready technologically.
My estimate is that most of the oil that has ever existed on this planet will still be there be there time we stop using it completely.
Peak Oil is a myth invented by greedy markets.