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August 05, 2006

Cantarell's Free Fall Peak Oil

More on the sharp decline in output from Mexico's Cantarell oil field, the world's second largest producer. Bloomberg:

Mexican crude oil output at the nation's largest field, Cantarell, fell in June to the lowest in more than four years.

Cantarell, which accounts for half of Mexico's oil production, yielded 1.74 million barrels a day in June, a 13 percent decline from a year ago, according to data on the Energy Ministry's web site.

Petroleos Mexicanos, the country's oil monopoly, estimated this year Cantarell output would decline 6 percent this year to average 1.9 million barrels per day. [Emphasis added]

Sign of the times. Modern technology makes for efficient extraction, getting most of the toothpaste out of the tube, but it does such a good job of maintaining pressure that when the end comes, it comes suddenly. Remember this picture.

The US imports more oil from Mexico than from any other country but Canada. More than from Saudi Arabia.

Posted by Jonathan at August 5, 2006 11:01 AM  del.icio.us digg NewsVine Reddit YahooMyWeb