The Peak Oilers say we can pump oil for decades as well (but not as much as we will need). The question is how much will it cost. As existing fields go past peak and go into decline and as finds of new reserves appear to tail off, exploration costs along with the price of oil is bound to rise. In a roundabout way if this guy is saying they need more gov't subsidies to find and pump oil he would be confirming the predictions of the peak oilers like Campbell, Simmons etc.
Here's another quote from an ExxonMobil suit.
Major challenges ahead
“Our industry can certainly be proud of its past achievements. Yet the challenges we will face in the coming years will be every bit as great as those encountered in the past, due in part to ever-increasing global energy use.
For example, we estimate that world oil and gas production from existing fields is declining at an average rate of about 4 to 6 percent a year. To meet projected demand in 2015, the industry will have to add about 100 million oil-equivalent barrels a day of new production. That’s equal to about 80 percent of today’s production level. In other words, by 2015, we will need to find, develop and produce a volume of new oil and gas that is equal to eight out of every 10 barrels being produced today. In addition, the cost associated with providing this additional oil and gas is expected to be considerably more than what industry is now spending.
Equally daunting is the fact that many of the most promising prospects are far from major markets — some in regions that lack even basic infrastructure. Others are in extreme climates, such as the Arctic, that present extraordinary technical challenges."Quote from
A revolutionary transformation by Jon Thompson President of ExxonMobil Exploration.
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