In the 1980s, the oil industry and the people who worked in it were seen by many as the epitome of glamour, but 30 years on and following the devastating oil spill in the Gulf of Mexico, the industry's image is very significantly changed.

So is the world falling out of love with black gold? And are we fast approaching "peak oil" - the moment when the moment when the maximum rate of global extraction is reached, after which the rate of production enters terminal decline?

Newsnight's Science editor, Susan Watts, reports on the future of global oil exploration.

Broadcast on Wednesday 9 June 2010.