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Page added on March 27, 2018

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Mexico’s Oil Reserves Drop Again Despite Recent Discoveries

Production

Mexico’s proven oil and gas reserves dropped again last year, after new certified discoveries—mostly by private foreign operators—were unable to keep pace with current production.

According to data by Mexico’s National Hydrocarbons Commission (CNH), the country’s proved total oil and gas reserves were 8.484 billion barrels of oil equivalent as of January 1, 2018, which was a drop of more than 7 percent compared to the January 2017 reserves update.

As of January 1, 2017, Mexico’s proved oil and gas reserves were estimated at 9.16 billion barrels of oil equivalent, down by 10.6 percent from the 10.243 billion boe as of the beginning of 2016. Proved oil reserves were down 7.9 percent to 7.037 billion barrels from 7.641 billion barrels estimated as of 2016.

At the beginning of this year, oil reserves were 6.464 billion barrels, CNH data showed.

The silver lining in the oil reserves base is that for the first time, private companies contribute to the calculation of the reserves, Mexico’s officials say. The latest reserve update includes certified reserves that Italian major Eni and Argentina’s Hokchi Energy have discovered in two shallow water blocks after Mexico started awarding contracts to private foreign operators following the end of the seven-decade state monopoly in the sector in 2013.

“What we see here is the first certification of reserves that are being presented by two companies that received contracts at auction,” the head of CNH, Juan Carlos Zepeda, commented for Reuters on the reserves calculations.

In addition, last summer, UK-based Premier Oil, along with its partners Talos Energy and the Mexico City-based Sierra Oil & Gas, announced a potentially huge new oil discovery off the Mexican coast, estimated to contain upwards of 1 billion barrels of oil in place.

That discovery has yet to be certified and calculated into Mexico’s oil reserves, Zepeda told Reuters.

oilprice.com



6 Comments on "Mexico’s Oil Reserves Drop Again Despite Recent Discoveries"

  1. Bob on Tue, 27th Mar 2018 1:51 pm 

    a 7% annual decline rate takes my breath away. Project that forwards 5-10 years and you get the idea. This decline rate can also be applied to the World. I’m starting to have chest pains. Got to go for a bike ride to clear the air.

  2. Go Speed Racer on Tue, 27th Mar 2018 11:27 pm 

    No need to worry. Jesus will refill those wells.
    This 7% thing, you just didn’t give enough
    on Sunday to Reverend Dollar.

    Just give more money and pray more.
    Don’t give a flat 10% of income.
    If you want the oil reserves to double
    or triple, then double or triple your tithe.

  3. Babtized on Wed, 28th Mar 2018 3:20 am 

    Tithing
    , “10%” is a Jew law old testament, now there is plenty of pastors that preach it and want it. But that factually is a jew thing.

  4. me on Wed, 28th Mar 2018 3:39 pm 

    Tithing actually started prior to the law … when Abram gave Melchizedek 1/10th in Gen 14:20. It’s a God thing…

  5. Darrell Cloud on Thu, 29th Mar 2018 12:12 pm 

    Bob get ready for a failed state just to the south of us. Millions more will head north.

  6. Kenz300 on Fri, 30th Mar 2018 11:20 am 

    Walking, bicycles, mass transit and electric vehicles are all part of making cities livable and sustainable.
    No emission travel and great exercise.
    Less oil needed for transportation purposes.
    Children should exercise more. Riding a bicycle is a good way to do it. Reduce pollution. Reduce noise and get some exercise. Ride a bicycle and be healthy.

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