Giant Field Production Properties and Behaviour
Comprehensive analysis of the production from the majority of the world's giant oil fields has shown their enormous importance for global oil production. For instance, the 20 largest oil fields in the world alone account for roughly 25% of the total oil production. The majority of the world's giants are already in decline and this will have dramatic consequences for future oil supply.
Further analysis shows that giant oil fields typically reach their maximum production before 50% of the ultimate recoverable volume has been extracted. A strong correlation between depletion and the rate of decline was also found in that study, indicating that much new technology has only been able to temporarily decrease depletion at the expense of rapid future decline. This is exactly the case in the Cantarell Field.
Read more about this topic: Giant Oil And Gas Fields
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