Is the world not running out of oil?
Oil being the key source of global energy needs has been a subject of major studies and theories. Peak oil theory is one such famous and interesting theory. Also a scary one. It suggests that there will be a time when oil wells will be producing oil at their maximum potential and will then signal a progressive decline leading to the supply of oil falling short of demand. Infact, some have suggested that we have already reached that peak point. But if a recent industry report is to be believed, the theory seems to be falling apart. As per the report, the offshore discoveries are likely to keep oil flowing. The companies across the globe plan to drill a total of 301 offshore wells in ...more