Pemex eyes full replacement of oil reserves in '12

MEXICO CITY, March 26 (Reuters) - Mexican state-owned oil monopoly Pemex said on Wednesday it expected to lift its oil and gas reserves replacement rate to the industry ideal of 100 percent in 2012.

Exploration and Production Director Carlos Morales told an investor conference call the goal applied to proved and total reserves alike. He said new discoveries onshore and offshore would help Pemex shore up declining reserves and output. (Reporting by Catherine Bremer; Editing by David Gregorio)