for Decline Rates
Because of lower spending levels, oil companies have injected more resources into existing oil fields, rather than greenfield projects, particularly ones with long lead times.
The potential acceleration of decline rates at some shale wells is an ominous sign that the drilling bonanza in West Texas should not be taken for granted.
Sharper-than-expected decline rates as a result of limited investment and a major cutback in capital expenditures for brand new projects are setting the stage for a dramatic market shift by 2018, according to a major consultancy.
A look at some of the world's largest oil fields, that are now a shadow of their former selves.