Mexican oil and gas reserves decrease

In 2014, Mexico’s proven oil and gas reserves dropped 3.1 percent, landing at 13 billion barrels of oil equivalent. Pemex could not find the needed reserves to supplement hydrocarbons produced last year, as reported by Mexico’s National Hydrocarbons Commission.

As of January 1, crude oil reserves total 9.71 billion barrels. At the same time last year, the figure stood at 9.81 billion barrels. Natural gas reserves stand at 15.3 tcf (433 bcm) versus 16.6 tcf (469 bcm) last year. Proven reserves of both products will last 10 years at the current rate of production.

The commission said that last year Pemex replaced 89 percent of its oil production with new discoveries and maintained a gas recovery rate of 47 percent. Mexico discovered 6.7 barrels of proven oil and gas reserves for every 10 barrels produced.

Last year was the final year Pemex enjoyed a monopoly over exploration and production activities in Mexico as the hydrocarbons commission is beginning to sell hydrocarbons blocks to private and international firms in an effort to boost production.