Tony Hayward, BP's chief executive, said proven natural gas reserves around the world have risen to 1.2 trillion barrels of oil equivalent, enough for 60 years' supply " and rising fast.

"There has been a revolution in the gas fields of North America. Reserve estimates are rising sharply as technology unlocks unconventional resources," he said.

"The common wisdom was that unconventional gas was too difficult, too expensive and too demanding," he said, according to Petroleum Economist. "This has changed. If we ever doubted that gas was the fuel of the future " in many ways there's the answer."

The breakthrough has been to combine 3-D seismic imaging with new technologies to free "tight gas" by smashing rocks, known as hydro-fracturing or "fracking" in the trade.

The US is leading the charge. Operations in Pennsylvania and Texas have already been sufficient to cut US imports of liquefied natural gas (LGN) from Trinidad and Qatar to almost nil,

The idea that there we are going to run out of oil or natural gas any time soon is a bigger fraud than Anthropogenic Global Warming.

The problem with the declining oil production is due to poor maintenance of the oil rig equipment, for example,
Iran and Venezuela. Their regime's are so paranoid, they
prevent outsiders coming in to update their equipment.

And yes, "peak-oil" is a myth.