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Mexico's oil reserves equivalent to 9.6 years of demand: Pemex
Xinhua
Mexico City
Petroleumworld.com 03 30 07As of year-end 2006, Mexico's 15.5 billion barrels of proven crude oil reserves could cover around 9.6 years of the nation's hydrocarbon demand, the state-run company Petroleos Mexicanos (Pemex) said on Monday.
Mexico's reserves dropped by more than 955 million barrels from the levels at the end of 2005, and will last an estimated seven percent less than a year ago, Pemex said in a statement.
The figure is a conservative estimate, and only illustrates what the change will be if the current condition continues, Vinicio Suro, Pemex Exploration and Production's deputy director for planning and evaluation said.
Of its proven reserves, 71 percent is crude oil, 12 percent is condensates and 17 percent is natural gas, he added, describing the proven reserves as "stable," as the 2006 change was the least dramatic in the past five years.
Suro said that 70 percent of these proven reserves are offshore, and 62 percent are on land, adding that two billion U.S. dollars a year would be enough to maintain the replacement date of the nation's reserves.
Source: Xinhua
Xinhua 29 03 07
Copyright© 2007 Xinhua . All Rights Reserved.
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