New oil reserves are not really being looked for today – there are high reserves in South America. But oil companies like Shell, and the 4th biggest oil country, Saudi Arabia are selling their least profitable oil fields.
As their core business, oil, is losing money. Saudis Arabia needs oil at $100, and Shell loses money below $60. So when oil was at $27, they were losing so much money: Saudi has used all its foreign reserves.
You see a 50x1cm steam plasma tube at 4 atmospheres, self-sustains the plasma – started off using the electronics from a fluorescent light. When turned off – the plasma continues. It release 1.2MW of heat, a thermoelectric generator at 350oC, will tun into 144kW of mains power.
A 1m row of oil or gas burners, only releases 45kW of heat – so energy poor.
So a flame of Fossil Fuels does Molecular Nuclear Fusion! But most of the energy is taken in, as we oxidise the carbon radicals. Just fire up the plasma – much more efficient.
So we turn regular water into heat and power – no CO2. No Fossil Fuels burning. So the oil price will keep dropping. They will keep reducing output, and sell off reserves, until there is no oil industry left. Who is buying oil? It is a total loss maker.