MEXICO CITY May 15 Mexico's ability to
replenish proven reserves of extracted hydrocarbons declined
sharply last year, according to a document released by a U.S.
securities regulator on Thursday.
The so-called replacement rate of certified oil and gas
reserves fell to 67.8 percent in 2013 compared with 104.3
percent in 2012, Pemex said in a report to the U.S.
Securities and Exchange Commission.
"The fact that the reserves replacement rate was less than
100 percent in 2013 represents a decline in Mexico's proved
reserves during this period," the oil company said in the
statement. The decrease was mainly due to "a significant
decrease in the amount of proved reserves that were added as a
result of discoveries, extensions and positive revisions in
2013," the report said.
Pemex cited specifically, "lower levels of field development
activities in the ATG," in reference to its Chicontepec project,
where Pemex has invested billions of dollars to extract oil from
the geologically complex on-shore basin.
Mexican President Enrique Pena Nieto pushed a landmark
energy reform through Congress last year that aims to lure
private investment to boost oil production in Mexico, which has
fallen by a quarter to 2.5 million barrels a day from a 2004
Congress still needs to approve so-called secondary laws
hashing out the fine print of the reform expected in a special
session that will likely be held next month.
(Reporting by Adriana Barrera, Writing by Alexandra Alper;
Editing by Lisa Shumaker)