Falkland Islands oil disappoints for Desire Petroleum
One more bump on the road to Peak Oil.
This is how Peak Oil works. There's oil down there, somewhere, but getting to it and producing it is not possible within economic and energy constraints. It would take more energy to produce the oil than can be derived from it.
Oil companies have always explored non-productive wells and fields. It is this ratio of non-productive to productive oil exploration that defines Peak Oil.