Mexico's Pemex asks to keep 83 pct of 2P reserves

MEXICO CITY, March 24 Mon Mar 24, 2014 1:36pm EDT

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MEXICO CITY, March 24 (Reuters) - Mexico's state oil company Pemex has asked to keep 83 percent of its proven and probable reserves under a landmark energy overhaul that will open the way to more private investment, the government's oil regulator said on Monday.

Pemex has asked to keep fields where it already has production operations or where it has invested in exploration, the National Hydrocarbons Commission said in a statement posted on its website.

It is only asking to keep rights to 31 percent of "prospective resources," the statement said, giving up the remainder to be auctioned off by the government to private companies.

Earlier on Monday, Pemex board member Fluvio Ruiz told Reuters that Pemex has asked to keep ultra-deep water exploration areas in the Perdido Fold Belt and the Lakach gas field project. (Reporting by Adriana Barrera)

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GlobalSpeak wrote:
The current reality is Mexico’s oil production has decreased since 2004. With the introduction in August 2013 of an energy reform proposal, President Enrique Pena Nieto is focusing on attracting foreign investors to boost oil production and build Mexico’s economy. The proposal seeks to change Mexico’s constitution to allow their government controlled oil and gas industry the ability to work with international oil and gas companies. Our firm, Global Speak Network Language Services, specializes in oil & gas technical translations.

Mar 25, 2014 9:32pm EDT  --  Report as abuse
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