Working a current project in scientific visualization, I can confirm that the oil companies are one of the main investors in high-end computer graphics technology. This MSNBC article briefly touches on what's required in predicting the locations of the last drops of oil.
I contemplated this quote by Ken Deffeyes (referring to oil depletion):
“It’s like catching bass in a pond,” he said. “After you catch most of the fish, it gets harder to catch the rest.”
Regrettably, the Deffeyes quote neglected to hammer home the point that the average outdoors sportsman would relate to even more: It's like catching fish in a pond, where no restocking is possible. Remember that oil, unlike fish, is a non-replenishable resource.