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Pemex's Cantarell offshore oil field, which accounts for about 60 percent of oil production, is forecast to produce 1.9 million barrels a day in 2006, a 6 percent decline from 2.03 million barrels a day so far in 2005, Pemex said in an e-mailed statement.
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Proponents of the abiotic, deep-earth theory of the origin of oil argue that the deep fracturing of the basement bedrock at Cantarell caused by the meteor's impact was responsible for allowing oil formed in the Earth's mantle to seep into the sedimentary rock that settled in the huge underwater crater. Article

seldom_seen wrote:Here's something intersting. Jerome Corsi, a tireless hero who is spreading the important message of abiotic oil to the world, says that cantarell was created by an asteroid hitting the earth and poking a hole in the earth's skin where the oil spilled out and created Cantarell.

Proponents of the abiotic, deep-earth theory of the origin of oil argue that the deep fracturing of the basement bedrock at Cantarell caused by the meteor's impact was responsible for allowing oil formed in the Earth's mantle to seep into the sedimentary rock that settled in the huge underwater crater.Article

It turned out that Mexico's richest oil field complex was created 65 million years ago, when the huge Chicxulub meteor impacted the Earth at the end of the Mesozoic Era. Some 10 years earlier, Luis and Walter Alverex had suggested in their independent studies that an impact meteor was responsible for the extinction of the dinosaurs.

coyote wrote:So the Alvarex brothers lived in the last part of the Mesozoic era? Come on guys, learn some critical thinking, or just some plain English usage.

seldom_seen wrote:Here's something intersting. Jerome Corsi, a tireless hero who is spreading the important message of abiotic oil to the world, says that cantarell was created by an asteroid hitting the earth and poking a hole in the earth's skin where the oil spilled out and created Cantarell.

Proponents of the abiotic, deep-earth theory of the origin of oil argue that the deep fracturing of the basement bedrock at Cantarell caused by the meteor's impact was responsible for allowing oil formed in the Earth's mantle to seep into the sedimentary rock that settled in the huge underwater crater. Article

RdSnt wrote:So, we better start checking out all the impact craters. We've got lots here in Canada, hell there should be billions of gallons under Sudbury.

seldom_seen wrote:Cantarell to decline by 6% in 2006.

clv101 wrote:

seldom_seen wrote:Cantarell to decline by 6% in 2006.

2005 2.032 million barrels per day
2006 1.905 million barrels per day -6.3%
2007 1.683 million barrels per day -12%
2008 1.430 million barrels per day -15%
Mexico’s Pemex Press Release

clv101 wrote:

seldom_seen wrote:Cantarell to decline by 6% in 2006.

2005 2.032 million barrels per day
2006 1.905 million barrels per day -6.3%
2007 1.683 million barrels per day -12%
2008 1.430 million barrels per day -15%
Mexico’s Pemex Press Release

MEXICO CITY – Mexico's huge state-owned oil company may be facing a steep decline in output that would further tighten global oil supply and add to global woes over high oil prices.
The potential decline faced by Petroleos Mexicanos, or Pemex, also could undermine U.S. efforts to reduce dependence on Middle East oil, and complicate Mexican politics and financial stability.
An internal study reviewed by The Wall Street Journal shows water and gas are encroaching more quickly than expected in Cantarell, Mexico's biggest oil field, and might cause output to drop precipitously over the next few years. Currently, Cantarell produces two million barrels of oil a day, or six of every 10 barrels produced by Mexico. It is the world's second-biggest-producing field after Saudi Arabia's Ghawar.
The worst two scenarios suggest a drastic decline in output to 875,000 barrels a day by the end of 2007 and to just 520,000 a day by the end of 2008. If such projections turn out to be correct, Mexico's overall oil exports would decline by about one million barrels a day -- equal to about 63% of its daily crude exports to the U.S. -- from its current 1.8 million.

Starvid wrote:Ghawar left to go.

1/17/06 Latin Am. Mex. & NAFTA Rep. (Pg. Unavail. Online)
2006 WLNR 1040889 Mexico & NAFTA Report Copyright 2006 Latin American Newsletters 17 Jan 2006

THE OIL INDUSTRY: Boom to bust?
The next government will have to make some difficult decisions about the oil industry. The decline in the country's main oilfield, Cantarell, is much more rapid than had been forecast. Under current projections, in 2008, the field will be producing only a quarter of what it has been producing over the past five years.

Over the past 20 years, Cantarell has been the world's fourth biggest oil field, producing over 2m bpd. Cantarell has supplied around two-thirds of the daily production of Petroleos Mexicanos, the state-owned oil monopoly. Mexico is the world's sixth biggest oil producer. The problem is that it is producing much more oil than it is finding. Ranked by reserves, Mexico comes 14th in the world league.

The latest projection from Petroleos Mexicanos Exploracion y Produccion is that in 2008 Cantarell's production will average only 700,000bpd while in 2009 output will drop to 520,000bpd. The concern for policymakers is that if this happens, Mexico will stop being an oil exporter. Currently the country produces about 3.3m bpd and exports about 1.8m bpd.

There are major differences between experts about how much oil Mexico has. What experts do agree on is that production from Cantarell is set to plummet. The big question is whether Mexico can find new oil reserves to stop its overall production collapsing. If Mexico's overall production collapses there will be major implications for government spending. In 2005 the government enjoyed windfall oil revenues of M$100bn (US$10bn), according to Alejandro Werner, head of the planning unit at the finance ministry.