PEMEX Cuts Proven Reserve Totals By 6%+ From 2005 (955 Million Bbl) - El Universal

[hatrack]

The nation has proven reserves of 15.51 billion barrels of oil equivalent, enough to meet demand into 2016, state-run petroleum giant Pemex said Monday. The proven reserves are 955 million barrels less than reported in 2005.

The new figure supposes "that over time there will be no new discoveries nor reclassifications of reserves, and is consequently a conservative indicator and only projects their evolution under current conditions," the deputy director of planning and evaluation of Pemex Exploration and Production, Vinicio Suro, said during a conference call.

Mexico´s proven and probable reserves totaled 30.77 billion barrels and will be sufficient for 19 years, while the proven, probable and possible reserves are 45.38 billion barrels, enough to meet demand for 28 years, he said.

Of total proven reserves, 69 percent are developed, which means they are resources that Pemex expects to recover with current infrastructure from existing wells, most of which are located in offshore fields in the Gulf of Mexico.

EDIT

http://www.eluniversal.com.mx/miami/23934.html

[Javaman]

1. Then why is Cantrell in decline? nt