Financial Times FT.com

Energy Security

World's thirst for oil makes falling output worse

By Javier Blas

Published: March 15 2005 19:12 | Last updated: March 15 2005 19:12

The Cantarell oil field, in the shallow waters of Campeche Bay, is regarded by Mexicans as their crown jewel. It is the second largest oil field in the world by production, behind Saudi Arabia's mammoth Ghawar oil field, pumping 2.2m barrels a day, the same amount as all the Kuwaiti fields together.

For that reason, Mexicans were recently dismayed when Petróleos Mexicanos, the state oil company, said that the field's production would decline this year, signalling a trend towards its depletion.

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