An employee walks at Pemex refinery in Salamanca, Guanajuato state. Mexico’s proven oil reserves fell… MEXICO CITY–Mexico’s proven oil and gas reserves fell sharply last year as oil prices dropped and discoveries were modest. The National Hydrocarbons Commission reported on its website that proven reserves as of Jan. 1 stood at 10.24 billion barrels of oil equivalent, down 21% from 13.02 billion barrels a year before. Proven oil reserves fell to 7.64 billion barrels from 9.71 billion barrels, and natural gas reserves fell to 12.651 trillion cubic feet from 15.291 trillion cubic feet. Discoveries in 2015 of proven reserves amounted to 104 million barrels of mostly light crude and 80.7 billion cubic feet of gas, according to the report. The report doesn’t explain the decline or give data for broader estimates such as probable and possible reserves. Proven reserves comprise deposits of which most can be recovered profitably under […]