The decline of Cantarell, Mexico’s giant oil field, made front page news in a 2007 Wall Street Journal article.  The business daily reported that in just one year, the field has dropped from 2 million barrels of oil per day to 1.6 million barrels.  Here are some startling facts also reported in that article:

1.) Cantarell is the world’s second biggest oil field.

2.) 25% of the world’s daily oil production comes from just 20 oil fields.

3.) Prior to the 1970s, eight oil fields producing 500,000 to 1,000,000 BOPD were discovered.

4.) Only two such fields were found in the 70s and 80s.

5.) Only one field found since the 80s, the Kashagan in Kazakhstan, has the potential to easily top 500,000 BOPD.

6.) Two decades ago, there were about a dozen fields that could produce 1,000,000 BOPD while now there are only four.

7.) Ghawar, the world’s biggest oil field, was discovered more than 50 years ago.

8.) Prudhoe Bay, the largest domestic field, produces 900,000 BOPD, down from the 2,000,000 BOPD in 1988.

While the world has an abundance of heavy oil sand, oil shale and coal, the production of about 85 million BOPD has remained static for several years.  While there is still much oil yet to be produced, like Cantarell, there won’t be as much tomorrow as there was yesterday.

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