According to Statistical Review of World Energy (2010) data, nearly 85% of oil producing countries have already reached their peak in terms of easy oil. Kuwaiti scientists also predicted (same year) that global oil production will peak in 2014. Deep ocean drilling has higher production, tranport, and environmental costs associated with it. After deep ocean drilling in the Gulf of Mexico and off the Kamkatchka coast, there were earthquakes in Haiti and Japan, not to mention the oil spill and tsunami that followed. Because of these high costs, the number of desirable offshore wells is quickly fading, despite whatever exploration may reveal. Currently, oil producers are requesting from UNCLOS the legal Continental Shelf limits of participating countries be extended from 135 to 400 nautical miles, giving them an additional 26.1 million square km to explore (www.grida.no/publications/shelf%2Dlast%2Dzone). So realistically, more regions to explore does not add up to more accessible oil. I estimate they have maybe 23 – 37% the deep ocean wells available that they had until now – if people and the planet don’t get tired of their destruction and pollution first.
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