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As the price of oil continues a long term upwards price rise, we are seeing more and more old oil fields coming back into production. This is happening all over the world. For example, take a look at Oklahoma:-

USA state Oklahoma

In 1930 the state produced 271 million barrels of oil by 2005 output was down to just over 60 million.

Since 10 refineries were closed in the last 2 decades of the 20th centuy and there is no desire to open new ones, a new pipeline is being built to carry the extra gas and oil to refineries in other states or Canada.

In the 21st century natural gas sales have overtaken oil in Oklahoma. Some estimates show that there are over 4 times as much natural gas still underground compared to what has already been extracted. Exploration in natural gas is over 4 times more likely to result in a viable field discovery. Gas seems like a safer bet for investors and oil companies.

As usual, there are many other subsidiary businesses that benefit from the resurgance in the industry.

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