Reply #9: Kuwait admitted in November 2005 that Burgan had peaked . . . [View All]

Pemex announced early this year that Cantarell would enter decline in 2006, and further confirmed that they were looking for a decline rate of 14%/year (which is really fast, btw).

http://www.rigzone.com/news/article.asp?a_id=38454

It's worth noting that these are individual fields, not necessarily indicative of total conventional oil output for the nations which own them. However, it's also worth noting that Burgan (EUR +/- 85 billion barrels) and Cantarell (EUR +/- 20 billion barrels) are the second- and third- largest fields in the world, behind only Ghawar at 87 billion barrels EUR.

Furthermore, China has announced that Daqing, their largest single field and (depending on whether you're viewing overall OOIP or current production) the fourth-largest field in the world is also in decline.

http://www.chinadaily.com.cn/english/doc/2004-03/24/content_317672.htm

So, three of the top fields in the world are past peak, and doubts are circling Ghawar and the Saudi pronouncements as vultures circle a carcass, so we'll see what happens next.

Here, as well, is a listing of the world's largest oil fields in descending order of size - many of these are long past peak.

http://www.gravmag.com/oil.html#worldfields