I never heard that projection before. Because demands will plumet?
Then It might just be not cost effective at all to go dig deeper or use more complex process to get it.
How does that works with current recent trends? Globally we consumed more oil in 2023 than 2022 for instance.
If demand plumet somehow … can we still support a extraction industry ? Recently ( pre 2019 ) shale gaz was worth it because of high prices… then it switched again to lower price and extracting it made little sense ( till next time )
Once oil is used only marginally for fuel and heating, the demand will be a lot less (minus 80% or thereabouts) and going after difficult to extract sources might indeed not be economical but also not needed to satisfy demand (unless this happens very very late).
During the transition there could be cost spikes at demand levels that are awkward to fill without expensive resources, though.
Then It might just be not cost effective at all to go dig deeper or use more complex process to get it.
How does that works with current recent trends? Globally we consumed more oil in 2023 than 2022 for instance.
If demand plumet somehow … can we still support a extraction industry ? Recently ( pre 2019 ) shale gaz was worth it because of high prices… then it switched again to lower price and extracting it made little sense ( till next time )