Pemex Finds Nine New Oilfields in 2004, Ups Gas Output

Pemex said Monday that it found nine new oil fields and 18 natural-gas fields in 2004.

Proven, probable and possible crude-oil reserves totaled 46.91 billion barrels, Pemex said. Of this total, 17.64 billion barrels were proven, 15.83 billion were probable and 13.42 billion were possible. Crude oil accounted for 71 percent of Pemex’s reserves, gas condensates for 2 percent, gas liquids for 7 percentand dry gas for 20 percent.

Based on Pemex’s annual production of 3.38 million barrels per day (bpd) of crude in 2004, Mexico has 29 years of oil reserves. On the basis of proven reserves, the country has only enough crude for another 11 years at current production levels.