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Page added on March 18, 2013
Pemex’s Proven Reserves Gain for Second Year After Discoveries
Petroleos Mexicanos, the state- owned company, posted a gain in its proven reserves for a second year, supported by discoveries in the Gulf of Mexico and onshore.
Mexico’s reserves rose 0.4 percent to 13.868 billion barrels as of Jan. 1 from 13.81 billion a year earlier, Mexican President Enrique Pena Nieto said today on the 75th anniversary of the state-owned company. Last year, reserves rose 0.1 percent, the first gain in more than a decade.
Pemex made its first two ultra-deepwater crude discoveries in the Gulf of Mexico and also struck oil in an onshore field in the Southeastern state of Tabasco last year. Pena Nieto said Pemex preliminary estimates project that total hydrocarbons reserves, including probable and possible, climbed to 44.5 billion barrels, the highest since 2006, from 43.8 billion barrels a year ago.
Probable and possible reserves are unproved reserves that indicate the relative degree of doubt about their existence, according to the Society of Petroleum Engineers and World Petroleum Council.
Proved reserves are the only type the U.S. Securities and Exchange Commission allows oil companies to report to investors.
7 Comments on "Pemex’s Proven Reserves Gain for Second Year After Discoveries"
DC on Mon, 18th Mar 2013 10:10 pm
So put another way, if Mexico’s entire ‘reserves’ were pumped out of the ground it could fuel the world for 4+half months give or take? And Mexico is considered a major exporter?
Beery on Mon, 18th Mar 2013 11:01 pm
‘Probable’ and ‘possible’? What the heck does that mean? As we all know, many of these so-called ‘reserves’ are in fact resources. They’re not accessible, they’re not available for production and the values attributed to them are vague and optimistic guesses at best.
James A. Hellams on Tue, 19th Mar 2013 12:48 am
I think what we may be very well seeing is the opening of the final chapter of the oil age.
What is happening with the unproven claims of “probable” and “possible” resources not reserves; is the beginning of the final chapter of hysterical self denial of the reality that the oil age is about to end.
Unfortunately, the denial of the reality that the oil age is coming to an end; will only make the end much harder on the public. This denial of reality is wasting valuable time needed to realistically address the issue of the end of the oil age; and take the drastic measures we needed to take decades ago to avoid the pain and suffering that will surely come when the oil age ends.
Chief among the changes is that we need to make rail travel the prime mover of goods and people. We did not do this. When the oil age comes to an end, aviation and highway transportation will quickly die. Only rail transportation has the proven energy efficiency and technology to continue without oil for fuel; and to be sustainable beyond the end of the oil age. Rail transportation will continue to be viable for centuries to come!
Welch on Tue, 19th Mar 2013 12:49 am
…and the glass half empty crowd is hear from.
BillT on Tue, 19th Mar 2013 12:51 am
Gnats pretending to be eagles….
GregT on Tue, 19th Mar 2013 5:55 am
Welch,
At this point, it would be far more prudent to prepare for glass half empty, than glass half full. It took us 90 years to blast through the first half of the glass, and the remaining half is going to be consumed exponentially faster than that.
At 2006 rates of consumption, it was estimated that we had 40 years of oil left, including the stuff that we haven’t even found yet. If you are under 50, your life if going to change dramatically.
luap on Tue, 19th Mar 2013 6:18 pm
I hope I live to see the end of constantly clogged roads with 1000`s of pensioners making their way to asda or B&Q first thing in the morning or the 1000`s of overweight mum`s taking and picking up their overweight kids on the 2 mile school run then bitchin out being overweight wilst tucking into a Mcdonalds.
England is now following USA on obesity.
OIL is wasted every day…you cant stop it untill the flow stops..only time will tell..when the goverment officials and oil executives look at their kids,what goes through their minds..if oil stops life as we know it will stop…………end game