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Mexico suffers drop in proven oil and gas reserves

by Yucatan Times
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Mexico has 8.8 years of proven oil and gas reserves left.

(Forbes Mexico) April 20, 2021.- Proven oil and gas reserves in Mexico were reduced by 76.7 million barrels as of January 1, 2021, a marginal level compared to the pace of the past decade.

The National Hydrocarbons Commission (CNH) reported that proven reserves (1P) fell 1% to a total of 7,985 million barrels of crude oil equivalent, during its ordinary session number 4 of 2021.

From a financial perspective, proven reserves are the most important because they support investment projects as they have a probability of extraction of at least 90%.

“The reserves are dynamic, they change from year to year. If there is a change in the price of hydrocarbons, the reserves are automatically modified, it can also happen in the opposite direction or when there are new technologies, ”said Commissioner Néstor Martínez Romero, during the presentation.

The comprehensive restitution rate for proven reserves was 91.5% and for discovery it was 20.1%.

Mexico has 8.8 years of proven reserves left with minimal risk for their extraction, according to the ratio of reserves and production, considering that our country currently produces 1.6 million barrels per day.

The official clarified that this indicator does not mean that the country’s hydrocarbons will run out at that time, adding that “it is simply a division of what we have in reserve and can produce.”

Separately, the proven reserves of crude oil were located at 6.119 million barrels, while those of hydrocarbon gas was located at 9.98 trillion cubic feet.

The regulator explained that discoveries totaled 183 million barrels, developments totaled 481 million, revisions added 167 million units, but oil production subtracted 907 million barrels from the units tested.

The proven plus probable (2P) reserves, with a probability of extraction of at least 50%, fell 4.1% to 15,248 million barrels of crude oil equivalent.

The proved most probable and possible reserves (3P) registered a decrease of 1% and accounted for 22,847 million barrels of oil equivalent, whose extraction probability is 10%.

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