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Mexico, Jul 27 (Prensa Latina) Petroleos Mexicanos (PEMEX) announced that oil reserves may run out in seven years.
"Supplies of this economically exploitable resource are running out,"...Carlos Ramirez, PEMEX spokesman as saying that if necessary investments were made, this would provide another 2.9 more years...difficult moments due to a reduction of production in Cantareli, the main oil field in the country.
Originally posted by an0maly33
if anyone has any more ideas i'd love to hear them.
by 1981 the Cantarell complex was producing 1.16 million barrels (180,000m³) per day. However, the production rate dropped to 1 million barrels (160,000 m³) per day in 1995. The nitrogen injection project started operating in 2000, and it increased the production rate to 1.6 million barrel/d (250,000 m³/d), to 1.9 million barrel/d (300,000 m³/d) in 2002 and to 2.1 million barrel/d (330,000 m³/d) of output in 2003, which ranks Cantarell the second fastest producing oil field in the world behind Ghawar Field in Saudi Arabia.
By 2008 it is estimated that Cantarell will only produce 1 million barrel/d (160,000 m³/d) as it continues to decline. This rapid decline is postulated to be a result of production enhancement techniques causing faster oil extraction at the expense of field longevity.
"Saudi Aramco is injecting a staggering 7 million barrels of sea water per day back into Ghawar, the world's largest oilfield, in order to prop up pressure. It accounts for 30% of Saudi oil reserves and up to 70% of daily output." "Doubts grow about Saudi As Global Swing Producer," Aberdeen Press & Journal Energy, April 5, 2004, p. 15
Production by Pemex, the national oil company, has fallen 25 percent from its peak in 2004, while internal demand has climbed, sharply curtailing the amount of crude available for export. The drop in supply is largely due to steep declines at Cantarell, an aging super-giant field formerly responsible for the bulk of Mexico’s oil output.
Mexico Oil Exports Could End Within Decade, Report Warns - nytimes.com