MEXICO CITY, May 15 (Reuters) - Mexico’s ability to replenish proven reserves of extracted hydrocarbons declined sharply last year, according to a document released by a U.S. securities regulator on Thursday.
The so-called replacement rate of certified oil and gas reserves fell to 67.8 percent in 2013 compared with 104.3 percent in 2012, Pemex said in a report to the U.S. Securities and Exchange Commission.
“The fact that the reserves replacement rate was less than 100 percent in 2013 represents a decline in Mexico’s proved reserves during this period,” the oil company said in the statement. The decrease was mainly due to “a significant decrease in the amount of proved reserves that were added as a result of discoveries, extensions and positive revisions in 2013,” the report said.
Pemex cited specifically, “lower levels of field development activities in the ATG,” in reference to its Chicontepec project, where Pemex has invested billions of dollars to extract oil from the geologically complex on-shore basin.
Mexican President Enrique Pena Nieto pushed a landmark energy reform through Congress last year that aims to lure private investment to boost oil production in Mexico, which has fallen by a quarter to 2.5 million barrels a day from a 2004 peak.
Congress still needs to approve so-called secondary laws hashing out the fine print of the reform expected in a special session that will likely be held next month. (Reporting by Adriana Barrera, Writing by Alexandra Alper; Editing by Lisa Shumaker)