Are Mexico’s Oil Reserves Almost Depleted?

5 Apr 2017   Mexico

Mexico’s oil and gas regulator said last week that the country’s proved hydrocarbon reserves will drop by 10.6 percent in 2017. This forecast, coupled with the lower oil production that state company Petroleos Mexicanos (Pemex) reported for yet another year in 2016, is painting a rather bleak picture of Mexico’s reserves. Without resumption in investments and more drilling, and if no significant finds occur, Mexico will be running out of reserves within 9 years , according to an official from the National Hydrocarbons Commission. However, the energy reform that ended Pemex’s monopoly and allowed foreign companies to invest in Mexico’s oil exploration and production is expected to start yielding results by the end of this decade. The deepwater bidding round last December attracted major international oil companies, and Mexico awarded blocks to consortia including Chevron, Exxon, Statoil, BP, Total, and China Offshore Oil Corporation. In addition, the analysts are […]

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