it is “well known” that even massive spending on high-tech did not find more new natural oil reserves

keep close eyes on “World Energy Outlook”: https://www.eia.gov/outlooks/aeo/

Proven reserves (millions of barrels) U.S. EIA (start of 2017)[2] OPEC (end of 2015)[3] BP (end of 2015)[4] Other Reserves-to-production ratio
Country Rank Reserves Rank Reserves Rank Reserves Source/Date Reserves Production (MMbbl/year, 2016)[1] Years
 Venezuela (see: Oil reserves in Venezuela) 1 300,878 1 300,878 1 300,900 831.1 362
 Saudi Arabia (see: Oil reserves in Saudi Arabia) 2 266,455 2 266,455 2 266,600 3818.1 69
 Canada (see: Oil reserves in Canada) 3 169,709 26 4,118[5] 3 172,200 Natural Resources Canada, end 2014[6] 171,000 1336.8 126
 Iran (see: Oil reserves in Iran) 4 158,400 3 158,400 4 157,800 1452.9 109
 Iraq (see: Oil reserves in Iraq) 5 142,503 4 142,503 5 143,100 1624.8 88
 Kuwait (see: Oil reserves in Kuwait) 6 101,500 5 101,500 7 101,500 1067.2 27
 UAE (see: Oil reserves in the United Arab Emirates) 7 97,800 6 97,800 8 97,800 1133.7 18
 Russia (see: Oil reserves in Russia) 8 80,000 7 80,000 6 102,400 3851.3 21
 Libya (see: Oil reserves in Libya) 9 48,000 8 74,363 9 78,400 366.1 131
 Nigeria (see: Oil reserves in Nigeria) 10 37,062 9 37,062 11 37,100 730.0 51
 United States (see: Oil reserves in the United States) 11 35,000 10 36,685 10 55,000 ENI, end of 2015[7] 43,629 3239.7 10
 Kazakhstan 12 30,000 11 30,000 12 30,000 582.2 52
 China 13 25,620 13 25,132 14 18,500 1452.9 17
 Qatar 14 25,244 12 25,244 13 25,244 555.9 5
 Brazil 15 12,999 14 16,184 15 13,000 ENI, end of 2015[7] 16,848 918.1 14
 Algeria 16 12,200 15 12,200 17 12,200 492.1 15
 Angola 17 / 18 8,273 17 9,524 16 12,700 645.9 22
 Ecuador 17 / 18 8,273 18 8,273 19 / 20 8,000 200.2 41
 Mexico (see: Oil reserves in Mexico) 19 7,300 16 9,711 18 10,800 PEMEX[8] Start of 2015 9.700 798.2 9
 Azerbaijan 20 7,000 19 7,000 21 7,000 304.2 23
 Norway 21 6,611 33 5,139 19 / 20 8,000 601.5 11

src: https://tradingeconomics.com/norway/crude-oil-production
src: https://tradingeconomics.com/norway/crude-oil-production

src: https://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserves

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