Canterell

If you live in the US, you should know the Canterell oil field. It is the second largest oil field ever discovered and supplies us with 10% of our imported oil.

For years the government and the owners of the field lied. There was no problem at all. When you get to the denial stage, you know it can go on for a long time, but the really scary thing is when it ends.

Cantarell used to supply 2.1 million barrels of crude oil per day in 2003, but this was by injecting huge amounts of nitrogen to push the oil out. When you do that, the drop in production can be steep. After years of lying, they finally admit that Cantarell output will drop by 90% by 2021. Ha, ha. And even that is a lie. It is going to drop by 90% much sooner, perhaps within a year or two.

There goes the second largest oilfield. ever discovered..

The government of Mexico relies for more than half of its revenue on the oil exports. Without the current high price of oil, there would already have been a huge fiscal crisis. Without huge new production, Mexico will be using all of what oil it produces and will be unable to export.

http://www.bnamericas.com/news/oilandgas/Minister:_Output_to_fall_1,8Mb_d_at_existing_fields_by_2021