Mexico: Reserves Recovery Rate Could Reach 60% by November

Mexico's energy ministry expects to raise the country's oil reserves recovery rate to 60% by the end of President Fox's administration from 50% at end-2005, energy minister Fernando Canales told reporters at an international renewable energy forum last week.

The Fox administration ends on November 30, 2006, with general elections scheduled for July.

State oil firm Pemex's oil reserves recovery level had declined to less than 14% in 2000 when the Fox administration came to power, but investments in oil exploration have helped improve that figure, Canales said.

If Mexico maintains its current level of investment in oil exploration over the next 10 years, the country could reach a recovery rate of 100%, the minister said.

In 2005, Pemex invested some US$10bn on oil and gas exploration, Canales said.

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