March 17, 2013 / 11:21 PM / 5 years ago

Mexico's president says proven hydrocarbon reserves rise in 2013

SALAMANCA, March 17 (Reuters) - Mexican President Enrique Pena Nieto announced Sunday that the country’s proven hydrocarbon reserves edged up slightly at the start of 2013 compared with the previous year.

As of January, Mexico’s proven hydrocarbon reserves totaled 13.87 billion barrels of oil equivalent (bboe), up 0.4 percent from 13.81 bboe at the beginning of 2012, Pena Nieto said in a speech commemorating the 75th anniversary of the expropriation of the country’s oil industry.

The 1938 nationalization gave birth to current state oil monopoly Pemex.

Speaking at a Pemex refinery in the city of Salamanca, in Mexico’s central Guanajuato state, Pena Nieto added that the sum of Mexico’s proven, probable and possible (3P) hydrocarbon reserves total 44.53 billion barrels of oil equivalent.

Mexico, the world’s No. 7 oil producer, has seen oil production fall by more than a quarter from a 3.4 million barrel per day peak in 2004.

Pena Nieto says he will seek a sweeping overhaul of the lumbering oil giant later this year aimed at attracting private investment and boosting output.

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