MEXICO CITY, April 14 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.
(Reporting by David Alire Garcia; Editing by Meredith Mazzilli)