Pemex eyes full oil reserves replacement in 2012

Mexican state-owned oil monopoly Pemex still aims to lift its oil and gas reserves replacement rate to the industry ideal of 100 percent in 2012, a company official said on Wednesday .

Exploration and Production Director Carlos Morales said confirmation of new discoveries would help Pemex stem a steady decline in reserves since 1999. He said the 100 percent replacement goal applied to proved and total reserves alike.
To meet the target, Pemex must double the rate at which it replaces extracted oil with new discoveries. That goal is broadly in line with progress it has made improving ratios since the start of the decade.

Pemex is under pressure to speed up exploration of deepwater oil deposits where preliminary seismic tests indicate there could be some 30 billion barrels of oil. But the company says progress will be slow unless the law is changed to allow it to partner with experienced foreign oil majors.

Reuters