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Thursday, October 1, 2020

120% restitution of Pemex reserves soars in 2019

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Six new fields discovered in shallow water, reclassifications and new developments quadruple the restitution rate, which in 2018 was 34.7%

Mexico’s state oil company Pemex posted a proven hydrocarbon reserves restitution rate of 120.1% last year due to new discoveries, reclassifications and new developments, the company said in a report sent to the U.S. Securities and Exchange Commission.

The refund rate, which reflects the ability of an oil company to replace the extracted hydrocarbons, compares with the 34.7% reported in 2018, according to the report.

Pemex, which like other oil companies has been hit by the drastic drop in oil prices, in addition to heavy debt and weak finances, said that last year he discovered six new fields, four of them in shallow waters in the Gulf of Mexico, both with gas and crude.

In addition to this, the activities in existing fields led to an increase in proven reserves. The oil regulator, the National Hydrocarbons Commission (CNH), is in charge of making known the state of hydrocarbon reserves in Mexico.

As of March, the most recent figures available, Pemex’s crude production has averaged 1.992 million barrels per day (bpd), including partnerships, and 1.745 million bpd without partners.

The oil company expects to produce an average of 1,867 million bpd of crude in 2020, according to the document sent to the Securities and Exchange Commission (SEC). (Rts)

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