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IEA says that about 70% of conventional oil production needed by end of 10 years is ** yet to be developed or discovered **.In the last 10 years, 50% or more of all new oil/gas reserves discoverd world-wide have been off-shore. case in point the big oil field offshore off Brazil coast where PBR is a major player.offshore oil is going to be very very important to the world the next 10 years because it will be supplying about 35% of worlds needs by late 2020s. we need to invest in drilling and esp. off shore drilling NOW. infact, we should have doing this YESTERDAY.thats the main take-away on this.