That's true only if you define Peak Oil so unusually as to make it true. The concept behind Peak Oil is that in the (near [1]) future, the available supply of oil will fail to meet the total demand for it, and then we'll be stuck in a world where there is forever an inability to get the necessary oil. In this model, it's great to be an oil supermajor holding one of the last great reserves of oil--you can basically charge what you want for it, and so it's worth spending hundreds of billions of dollars to get it.

An alternative model for the future is that the demand for oil peaks before the supply is. In this model, that same oil supermajor is now in a terrible position, and shelling out hundred of billions of dollars for new reserves is a stupid idea. In essence, from a planning perspective, this is the exact opposite of what Peak Oil predicts.

The current trends seem to indicate that it's the second scenario that is going to come true, not the former situation. Combined with the fact that more specific predictions about when it will happen have continuously failed to come true, it's hard to find much about Peak Oil thati sactually correct.

[1] The imminence of the catastrophe of peak oil is usually highlighted by its prophets, but it has been generally less assumed by planners working under its assumption, so it's debatable to what degree the imminence is a critical prediction of the theory. Whatever the case, nearly every single prediction of when the peak would occur has already been passed without that peak having happened.