Mexico proved oil reserves dip again
Stock Market News and Investment Information Reuters.com
MEXICO CITY, March 16 (Reuters) - State oil monopoly Pemex said on Thursday that Mexico's proved oil and gas reserves dipped to 16.470 billion barrels of crude oil equivalent (bce) at the end of 2005 from 17.6 billion bce a year earlier.
That level of proved reserves equates to around 11 years worth at current production levels, Pemex Chief Executive Luis Ramirez told a news conference.
Earlier this week Pemex, one of the main suppliers of crude oil to the United States, reported a slip in total oil and gas reserves to 46.418 billion bce at the end of 2005, down from 46.914 at the end of 2004.
Ramirez said total reserves were equivalent to 29 years worth of oil and gas.
Within the total reserves figure, probable reserves stood at 15.784 billion bce versus 15.8 billion a year earlier and possible reserves rose to 14.159 billion bce from 13.4 billion a year earlier, Ramirez said.
Oil markets watch reserves closely, especially proved reserves, defined as oil and gas deposits recoverable from known reservoirs under existing economic and operating conditions.
Despite the latest slip in reserves data, President Vicente Fox said on Tuesday that Mexico is moving closer to its goal of completely replacing extracted oil with new finds.
Increased spending on exploration in recent years mean Pemex should be able to lift Mexico's total reserves replacement rate to 75 percent in 2006, Fox said.
Mexico's reserves replacement rate -- the rate at which it makes new finds to replace extracted oil and natural gas -- was 57 percent at the end of 2004. Pemex has yet to give the rate for end-2005 but has predicted little change from end-2004.
Pemex is battling to get its reserves replacement rate up to the industry ideal of 100 percent, meaning overall reserves remain steady from year to year, from the very low 14 percent it stood at in 2001 when Fox took power.
barrels of unconfirmed oil and gas deposits in Mexico, much of it beneath deep waters of the Gulf of Mexico, which if confirmed could hugely bolster reserves in the years ahead.
Pemex believes that some 10 billion barrels of that unconfirmed oil could be within reach of its new deepwater exploration well, Noxal. The well, drilled in water 935 meters (3,068 feet) deep and 102 km (63 miles) from the port of Coatzacoalcos, will seek oil deposits 4 km beneath the seabed,
Mexico, the world's No. 5 oil producer by volume, has its oil and gas reserves data independently verified each year.
Pemex shipped an average of 2.052 million barrels per day (bpd) of crude oil in January out of total oil production of 3.372 million bpd.
MEXICO CITY, March 16 (Reuters) - State oil monopoly Pemex said on Thursday that Mexico's proved oil and gas reserves dipped to 16.470 billion barrels of crude oil equivalent (bce) at the end of 2005 from 17.6 billion bce a year earlier.
That level of proved reserves equates to around 11 years worth at current production levels, Pemex Chief Executive Luis Ramirez told a news conference.
Earlier this week Pemex, one of the main suppliers of crude oil to the United States, reported a slip in total oil and gas reserves to 46.418 billion bce at the end of 2005, down from 46.914 at the end of 2004.
Ramirez said total reserves were equivalent to 29 years worth of oil and gas.
Within the total reserves figure, probable reserves stood at 15.784 billion bce versus 15.8 billion a year earlier and possible reserves rose to 14.159 billion bce from 13.4 billion a year earlier, Ramirez said.
Oil markets watch reserves closely, especially proved reserves, defined as oil and gas deposits recoverable from known reservoirs under existing economic and operating conditions.
Despite the latest slip in reserves data, President Vicente Fox said on Tuesday that Mexico is moving closer to its goal of completely replacing extracted oil with new finds.
Increased spending on exploration in recent years mean Pemex should be able to lift Mexico's total reserves replacement rate to 75 percent in 2006, Fox said.
Mexico's reserves replacement rate -- the rate at which it makes new finds to replace extracted oil and natural gas -- was 57 percent at the end of 2004. Pemex has yet to give the rate for end-2005 but has predicted little change from end-2004.
Pemex is battling to get its reserves replacement rate up to the industry ideal of 100 percent, meaning overall reserves remain steady from year to year, from the very low 14 percent it stood at in 2001 when Fox took power.
barrels of unconfirmed oil and gas deposits in Mexico, much of it beneath deep waters of the Gulf of Mexico, which if confirmed could hugely bolster reserves in the years ahead.
Pemex believes that some 10 billion barrels of that unconfirmed oil could be within reach of its new deepwater exploration well, Noxal. The well, drilled in water 935 meters (3,068 feet) deep and 102 km (63 miles) from the port of Coatzacoalcos, will seek oil deposits 4 km beneath the seabed,
Mexico, the world's No. 5 oil producer by volume, has its oil and gas reserves data independently verified each year.
Pemex shipped an average of 2.052 million barrels per day (bpd) of crude oil in January out of total oil production of 3.372 million bpd.
posted by Marcel at 2:03 AM
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