Giant oil field decline rates and their influence on world oil production.
Using a comprehensive database of giant oil field production, the average decline rates of the world’s giant oil fields are estimated… The evolution of decline rates over past decades includes the impact of new technologies and production techniques and clearly shows that the average decline rate for individual giant fields is increasing with time. These factors have significant implications for the future, since the most important world oil production base – giant fields – will decline more rapidly in the future, according to our findings.
