Friday, March 24, 2006

World's Second Largest Oilfield In Decline

It begins.
"A recent Kight Ridder article by Kevin Hall points out that world's number two oilfield, Mexico's supergiant Cantarell, has peaked.
Cantarell is second only to Saudia Arabia's Ghawar oilfield and has been pumping millions of barrels of light crude a day since 1976. According to Carlos Morales, production manager for Mexico's state owned oil company, Pemex, Cantarell's projected output will be 6 percent lower this year at 1.9 million barrels per day and down to 1.43 million barrels by 2008, the level of production in 2000.
A leaked internal memo from inside Pemex said water and gas were seeping into the massive offshore oil field. Cantarell is showing the signs of peaking."

Ghawar will turn soon and decline quickly. It is pumped full of seawaterto maintain pressure and the graph of its output will not follow anice bell curve, it will fall much more suddenly.


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