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Article: Stepped up exploration pace slows Pemex oil reserve decline. (Petroleos Mexicanos)
- Article from:
- The Oil Daily
- Article date:
- May 4, 1992
- Author:
CopyrightCOPYRIGHT 1992 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HOUSTON -- Mexican state oil company, Petroleos Mexicanos (Pemex), stepped up exploration slightly last year and managed to replace about half its production with newly discovered reserves.
Wells in 23 reservoirs proved a total of 691 million barrels of oil equivalent, or about 50 percent of the 1.31 billion barrels produced. Revisions added another 119 million barrels of oil equivalent reserves.
Last year's exploration program slowed the reserve decline to 0.76 percent from the average of 1.4 percent annual average for the past eight years, according to the 1991 Memoria de Labores.
On Jan. 1, 1992, Mexico's proved reserves stood at 44.3 ...