Excerpt:
More than one-quarter of our crude production comes from just 20 oilfields. Most of these massive oil fields were discovered about 50 years ago. Another 50% of global oil supply comes from about 110 other fields, with the remaining production produced by approximately 70,000 smaller fields. The natural rate of decline in fields past their peak was approximately 9%.
Of course, of those 20 largest oilfields, every one of them has passed their peak production.
If you really want an idea of what can happen to these oil fields, look no further than the once-mighty Cantarell field in Mexico.
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