‘The damage is done’: global oil crisis has changed fossil fuel industry for ever, IEA chief says

Also, it seems the total amount of available oil and gas is going to shrink and we should plan accordingly.

This is likely now.

Here is an article about earlier estimates when the oil production was going to peak, due to resource depletion and rising costs:

https://en.wikipedia.org/wiki/Predicting_the_timing_of_peak_oil

We are or were anyway very close to that point. One central fact for what follows is that the large and cheaply to exploit oil fields were discovered first, exploited first, and also last much longer. New oil fields are much smaller, more remote or deep under the sea, need higher costs for development, have a much smaller ratio of energy-invested-on-energy-returned, and have a shorter life time. This already creates a kind of economic cliff.

Now, there are several new factors which all will accelerate the decline of oil:

• the war has added high risks to oil production and transport. The global environment among oil producers is no longer a cooperative one, instead it is a war situation, including in economic terms. Put plainly, Iran probably also bombs its neighbors because it wants a larger share of the remaining business. With Venezuela, the US overturned the government of another competitor. Russia is bombed by Ukraine. This is in part precisely because the global oil bonanza or rush for “black gold” will end soon.
• since the old, large, and cheap wells in the gulf coast countries are cut off and facilities damaged, prices will be high for the next years. In theory, this could inentivize new investments. But developing new fields is slow and very risky, because when the large, old, cheap fields around the gulf come back, this will lower prices, making some new investments unprofitable. The reason is that new oil fields are much smaller (thus have a shorter life time), and at the same time much more expensive than the old fields.
• many countries are now accelerating the transition away from using oil and gas for electricity generation, heating, and transport. The technology is there, and it is cheaper and will continue to be much cheaper in the future. And this will make investments in new, expensive, small oil fields unviable, since they will not pay off.

Another factor that might happen by the way is that the reduction of shipping as a result of lacking oil in South Asian waters - and of reduced economic activity, will likely lower the albedo over this sea regions, which could make the effects of global heating there much more acute. (This nexus is not yet 100% scientifically assured but the most likely explanation for the rise of extreme weather in the Mediterranean). And specifically South Asia which has not only very hot but regionally also extremely humid weather is very vulnerable to heat waves. Adding to that that some electricity there is still produced by oil generators, and failure of electric grids during heat waves is a catastrophic danger. If that happens, this is likely to change the way many people there think about climate change, and will put more pressure on governments to do something about it.

Oil will of course still be used in the future, but in much less quantity, and more as an expensive, environmentally highly damaging, special chemical product that is a necessary evil for some purposes.

I believe you mis-spelled “oiligarchs”, could it be?

From my understanding a nuclear power station would take 8-10 years to get up while costing an enormous amount, especially now that transport, materials, etc, etc, will cost a lot more with the current supply situation. So, for those reasons it is not a viable way to go.