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Mexican Company Predicts End of Oil

Mexico, Jul 27 (Prensa Latina) Petroleos Mexicanos (PEMEX) announced that oil reserves may run out in seven years.

“Supplies of this economically exploitable resource are running out,” informed a report sent by the state owned company to the United States stock market.

Until December 31, 2005 the report says proven reserves were about 8.978 billion barrels, while yearly production was 1.322 billion tons. If this rhythm continues oil will run out in the time stipulated..

El Universal newspaper reports that experts of the PFC Energy Advisory company based in Washington pointed out that investments for PEMEX exploration is also running out of time.

Prensa Latina

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