Paradigm Shift in Petroleum Exploration and “Peak Oil”

Abstract

Anticlinal theory, in combination with reflection seismic surveys, has been a powerful paradigm in petroleum exploration, and its application has dramatically increased oil discoveries and production since the end of World War II. However, the peak oil theory claims that oil production will peak soon (or has already peaked), and will then decline. The ultimate recoverable resources, production capacity, and future price of petroleum are examined, and the possibility of a new exploration paradigm is discussed.