Mexico's Pemex Says It Failed To Replenish Its Reserves In 2015
MEXICO CITY, May 16 (Reuters) - Mexican state oil giant Pemex said on Monday it failed to replenish its proven reserves in 2015 with enough new discoveries, after its reserve-replacement ratio hit just 18 percent in 2014.
"During 2015, we obtained 120 million barrels of oil equivalent of proved reserves from discoveries. However, this volume was not enough to compensate for the reductions in reserves resulting from revisions, delimitations and decreased development and production in 2015," Pemex said.
"As a result, there was no replacement of proved reserves in 2015."
A reserve-replacement ratio of 100 percent would mean that an oil producer is replacing all the oil and gas it pumps with its reserves. Anything below 100 percent means the oil producer is unable to replenish proven reserves of its extracted hydrocarbons.
(Reporting by Adriana Barrera)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Mexican Driller Latina Is Said to Bid for Pemex Contract (Jan 17)
- Mexico Fuel Sellers Said to Seek Pemex Alternative (Jan 11)
- AMLO Earmarks $23B to Boost National Oil Industry (Dec 17)