March 23, 2018 / 6:40 PM / 2 years ago

Mexico's proven oil reserves dip over 7 pct at start of 2018

MEXICO CITY, March 23 (Reuters) - Proven oil reserves in Mexico fell by 7.4 percent at the start of 2018 compared with a year earlier to 8.483 billion barrels of crude oil equivalent (boe), according to data published Friday by Mexico’s National Hydrocarbons Commission.

The drop reflects a rate of new oil and gas discoveries not keeping pace with current levels of production.

The vast majority of Mexico’s proven reserves belong to national oil company Pemex, while a relatively small amount now reflect discoveries made by private producers following a 2013-14 reform that allowed them to operate fields on their own. (Reporting by David Alire Garcia Editing by Dave Graham)

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