Wednesday, August 02, 2006

Cantarell can't do well

Score another one for the Peak Oil theorists. Production at the world's second-largest oil field, Mexico's Cantarell, is falling "faster than expected:"

"The situation is probably much graver than the government would like us to think it is,'' said David Shields, an independent oil consultant based in Mexico City who has covered the industry for 18 years. "Oil production and oil exports are going to decline considerably over the next three years.''

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