Second largest oil field in decline

Thursday, July 27, 2006

By G.R. Morton from the Web site of DMD Publishing Company:

The second largest producing field in the world is the Cantarell complex in Mexico. It lies 85 kim from Ciudad del Carmen. The field was discovered in 1976 and put on production in 1979. . . .

The implications of this upcoming decline are tremendous to the world. This field produces half of what Ghawar [in Saudi Arabia] does and it won't be doing that much longer. The effect on the energy supply will be felt and there is no way for that not to happen. On Aug. 3, 2004, the OPEC president stated that OPEC has no more spare capacity. They are pumping all out and can't satisfy the demand for oil. If fields like Cantarell begin declining, the problem of supplying the world with oil will only get worse.