Mexico’s Oil Reserves Rise Slightly In 2013
(Reuters) – Mexico’s proven oil reserves are 0.4 percent higher in 2013 than they were a year earlier, according to a new field-by-field estimate from the country’s hydrocarbons commission.
Proven reserves total 10.07 billion barrels of oil equivalent (boe), up from 10.03 billion boe last year, the commission said on Wednesday.
Mexico’s state oil monopoly Pemex calculates oil reserves slightly higher at 10.12 billion boe for 2013.
Reserves have remained relatively unchanged since 2009, but Pemex’s lack of investment in exploration over many years has led to a precipitous decline in the country’s reserve base. Mexico boasted proven crude oil reserves of about 55 billion barrels in 1990 but this has fallen by more than 80 percent.
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