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2014-04-14 19:10:00

MEXICO: OIL & GAS FALL

MEXICO: OIL & GAS FALL

Mexico's proven oil and gas reserves fell 3.1 percent in 2013, according to energy ministry data, as the nation's once-ample shallow water deposits begin to run dry.

The proven Mexican reserves totaled 13.439 billion barrels of oil equivalent (boe), or down by nearly 430 million boe compared with the previous year.

Nearly three-quarters of the reserves, or 9.812 billion boe, are made up of crude oil.

The new estimate for so-called 1P certified reserves was set on Jan. 1, 2014, and covers oil and gas fields believed to have a 90 percent chance of being extracted with existing technology.

Mexico, the world's tenth-biggest crude producer, has not been able to discover and certify new oil and gas fields as fast as it has extracted resources from current production.

Proven oil and gas reserves reached 13.868 billion boe as of Jan. 1, 2013.

Reserves have remained relatively stable 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 reserves of about 55 billion boe in 1990, but reserves have fallen sharply since.

Mexico has the third-largest proven oil reserves in Latin America, behind Venezuela and Brazil.

A landmark energy reform passed in December promises to lure major new streams of private investment into Mexico's oil and gas sector, eventually boosting reserves and output.

Secondary legislation that will set commercial and other regulatory terms of the reform championed by President Enrique Pena Nieto is expected by May.

REUTERS.COM.

Tags: MEXICO, OIL, GAS

Chronicle:

MEXICO: OIL & GAS FALL
November, 15, 15:25:00

OIL PRICE: ABOVE $61 AGAIN

REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.

MEXICO: OIL & GAS FALL
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

MEXICO: OIL & GAS FALL
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

MEXICO: OIL & GAS FALL
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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