THE end of oil was "nowhere in sight" according to ExxonMobil Australia
chairman Mark Nolan.
Speaking at the Asia Pacific Oil & Gas Conference in Adelaide yesterday, Mr
Nolan said figures from the United States Geological Survey refuted "peak oil"
theory, showing there were more than three trillion barrels of conventional
recoverable oil resources.
"So far we have produced one trillion of that," Mr Nolan said.
"Conservative estimates of heavy oil and shale oil push the total recoverable
resource to more than four trillion barrels.
"It is important to note that as an industry and a society we have always
underestimated the global resource base and the ability of technology to extend
both the life of oil and gas fields, and to find new resources.
"We should not forget that we can recover almost twice as much oil today as when
we first discovered it over ...