First of all, I must ask you: Isn't this governmental admission a refreshing, honest and sincere gesture considering we're in a time of much uncertainty/secrecy about oil/nat.gas reserves/production of other countries?

To be stubborn I'm going to answer your rethorical intended question.
I've gone through the report a little bit and it says nothing about the Waddenzee. This is the sea between the Waddeneilanden and the Afsluitdijk. It is also an environmental vulnerable area. So drilling, even for exploration, was forbidden. Recently there has been given a green light..

I agree, it is honest and is to be thanked. My point was that many other governments (and people) simply believe that there are vast lakes of oil just waiting to be tapped / drilled -e.g. ANWAR. Maybe when thing get desperate we will discover the truth -which may be that KSA has done some exploring and there isn't any more oil in their deserts or that all the really juicy deposits have been discovered.

'At the end of the day' its likely that by the time we get to the 'drill everywhere and anywhere' stage even some really big deposits are not going to make more than a half decade or so difference to peak year.

Nick.

'The drill anywhere and everywhere'-stage. That's a funny expression lol. Yes, I don't think many ppl here need to be convinced that it's too late by then. Even if that stage was to start tomorrow.