Peak Oil is the point when global oil production will have been reached. According to some scientists, global oil production will begin an irreversible decline and less oil will be available with every passing year. Energy experts no longer debate about whether Hubbert's peak will occur, but when.
Global oil production will peak sometime between next year and 2018 and then decline, according to a controversial new model developed Swedish University of Uppsalla physicist Fredrik Robelius.
Additional oil resources
Michael Lynch, president of Strategic Energy & Economic Research, an energy consultancy firm, says "Not much can be said about additional oil resources because we haven't really started looking for them yet."  There is likely to be a lot of oil in as-yet undiscovered smaller fields.
New technologies could help solve extraction problems according to Sam Kazman of the Competitive Enterprise Institute, a non-profit public policy think tank in Washington, D.C. New technologies have already turned fields that once seemed to be dormant into steady supplies of oil.
Rejection of theory
Exxon's Australia chief, Mark Nolan, told an industry conference in Adelaide, Australia, that "the end of oil is nowhere in sight." Mr. Nolan cited a U.S. Geological Survey estimate of more than three trillion barrels of conventional recoverable oil resources, of which one trillion barrels has been produced. Conservative estimates of heavy-oil and shale-oil resources push the total to four trillion barrels, while a 10% increase in recoverability will deliver an extra 800 billion barrels according to Nolan.