“Some commentators hope that new technology will lead to important deepwater finds. Some new deepwater areas with giant potential, such as the Perdido Trend in the western Gulf of Mexico, will no doubt be found, but generally, the geology of most deepwater tracts is not very promising.”
– Colin Campbell (founder: Association for the Study of Peak Oil), Noroil, December 1989.
The past week was a bad one for peak oil enthusiasts, as three separate announcements indicated the abundance of undiscovered petroleum.
First, BP announced that it has found a field in the Lower Tertiary basin in the deepwater Gulf of Mexico, named Tiber, containing something on the order of 3 billion barrels.
Next, Petrobras announced another discovery in the pre-salt basin, this one Guara, containing about 1 billion barrels of recoverable oil.…