MEXICO CITY May 30 Mexico's oil and gas
reserves fell last year as fewer discoveries of gas deposits
offset a rise in additional crude reserves, the sector regulator
said on Tuesday.
Overall so-called 2P hydrocarbon reserves, or deposits
considered proven and probable, fell nearly 6 percent in 2016 to
total 16.77 billion barrels of oil equivalent (boe), compared to
2015 figures, regulator CNH said.
There is a 50 percent likelihood of commercial recovery of
2P reserves using existing technology.
Meanwhile, Mexico's so-called 3P reserves, deposits
considered proven, probable and possible, slipped 1.1 percent to
total 25.86 billion boe, compared to the previous year.
There is a 10 percent likelihood of commercial recovery of
3P reserves using existing technology.
Mexico, the world's 11th biggest oil producer, aims for a
100 percent replacement rate of its reserves to balance out
current crude output of slightly above 2 million barrels per
National oil company Petroleos Mexicanos, better known as
Pemex, has suffered steep budgets cuts over the past couple of
years amid falling oil prices, which has harmed the company's
ability to make new discoveries and boost reserves.
Energy reforms enacted in 2013 ended Pemex's decades-long
monopoly and allowed new private oil and gas producers to
operate on their own. But significant new streams of output from
the new entrants into the market are still several years off.
Mexico's 1P, or proven, reserves stood at 9.16 billion boe
in 2016, or down by about 10 percent compared to the previous
year, according to CNH data released in March.
(Reporting by David Alire Garcia and Adriana Barrera; editing
by Grant McCool)