Mexico's proven oil and gas reserves fall in 2010

AP News
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Posted: Mar 30, 2011 4:26 PM
Mexico's proven oil and gas reserves fall in 2010

Mexico's proven oil and gas reserves have fallen 1.4 percent to about 13.8 billion barrels of crude equivalent, as production continues to outstrip discoveries.

State-owned oil company Petroleos Mexicanos says in a statement that the country's reserves will last for about 10 years at current production rates. About 74 percent of those reserves are oil, 60 percent of which is heavy crude.

But the company also says it is increasing the rate at which proven reserves expand to offset production. The reserves as of Jan. 1 offset nearly 86 percent of extraction, up from 77 percent in January 2010.

Pemex's statement Wednesday noted that proven, possible, and potential reserves stand at about 43.1 million barrels, close to last year's level.