That has been known for a log time. The question is whether production from the deep water can grow fast enough to cancel out the 4%/yr depletion of on-shore oil resources and then meet additional demand growth in Chindia.
Conventional oil will certainly peak, but there are probably enough alternative resources around (like nat gas) to keep it from being catastrophic.
Someday we will figure out how to convert evil into electricity and then we will tap a few dozen neocons, become independent of outside sources and even become an energy exporter.
Wow. Yes, the more we look, the more we find. I've been hearing about Africa's "potential finds" for years and now they've found some. Should help lower the price. At this rate oil will be back to 20 bucks a barrel.