The good news is oil isn’t infinite. Neither is the pressure in an underground reservoir. The estimate of this well was it has 60 million barrels total, but sea pressure will overcome the upward pressure long before all the oil is gone. By August there will be no pressure to relieve. BP knows this. They don’t have to go down 18000 ft to relieve pressure.
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That’s great ! We can still harvest some oil – the well won’t be a total loss.
The big mistake that Mexico (and Chavez) have made is they get greedy and overpump the oil. There is a lot of science now behind doing everything possible to retain the pressure in an oil field – if it is drained too fast too early, a lot of oil will be left down in the ground.
The secondary recovery techniques (which can be pretty expensive) are to do things to get the oil to migrate towards the oil shaft… typically it involves injecting Carbon Dioxide into wells drilled at the edge of the “pool” – forcing the remaining oil towards the middle. Oil companies stand to get a windfall from creating “CO2 sinks” burying the gas in oil wells if cap and trade passes – don’t tell the Big Oil haters…. drilling horizontal shafts is another way to get oil from fields that lose pressure.j
I heard a story – sounds plausible – that when Chavez nationalized Citgo, his hordes ransacked the Citgo building and stole the PCs… those computers had all the geological maps, seismic data and the production data necessary to manage the oil fields and maximize the yield of the fields. Mexico and Venezuela are now facing production declines because of their mismanagement of the oil fields.