Mexico’s 3P (proven, probable and possible) reserves remained unchanged last year (2011) as new discoveries, mainly in the Chicontepec field, offset oil extraction. The Chicontepec field alone holds about 17,000 million barrels of oil equivalent (BOE), almost 40% of Mexico’s total 3P reserves of more than 43 million BOE (see graph). Mexico’s total 3P reserves are sufficient for about 32 years at current rates of extraction.
Mexico's oil reserves have shown a steady downward trend until recently. Note: Green = Proven (Probadas), orange = Probable (Probables), yellow = Possible (Posibles)
Mexico has proven reserves of 13,810 million BOE, sufficient for 10.2 years. The size of these reserves compares favorably with proven reserves in the USA, which will last 11 years at current rates, or in the U.K. and Norway, where proven reserves will be exhausted within a decade.
Related posts:
- Mexico’s Pemex: the government cash cow that environmentalists love to hate
- How much longer will Mexico be an exporter of oil?
- Why does Mexico, an oil producer, need to import refined petroleum products?
- Gulf of Mexico energy reserves: updates in Mexico’s oil and gas sector
- Mexico and USA sign agreement for development of Gulf of Mexico oil reserves