Mexico Pemex CEO: Proven Hydrocarbon Reserves 14.7B BOE

DOS BOCAS, Mexico March 18, 2008 (Dow Jones Newswires)

DOS BOCAS, Mexico (Dow Jones)--The chief executive of Mexican state oil monopoly Petroleos Mexicanos, Jesus Reyes Heroles, said Tuesday Mexico's proven hydrocarbon reserves fell 5.1% last year to 14.7 billion barrels of crude oil equivalent. Speaking at an event to mark the 70th anniversary of the expropriation of the Mexican oil industry, Reyes Heroles said Pemex replaced proven reserves at a rate of 50% last year, compared with 41% in 2006, but that it was still short of its goal of reaching 100% replacement. Mexico's proven reserves as of Jan. 1, 2008 were equivalent to 9.2 years of crude production, and 8.2 years of natural gas production, Reyes Heroles said. Pemex produced an average of 3.1 million barrels a day of crude oil last year, and 6.058 billion cubic feet a day of natural gas.
DOS BOCAS, Mexico March 18, 2008 (Dow Jones Newswires)

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