Posted on 03/23/2009 8:31:46 AM PDT by thackney
Mexico has proved oil reserves for the coming 9.9 years and potential reserves for 19.9 years, Mexican state-owned oil company Petroleos Mexicanos (Pemex) said on Friday.
Pemex said the reserves total 43.562 billion barrels of equivalent crude. Among them 14.307 billion barrels are proved, 14.516 billion are probable and 14.737 billion possible. The reserves assure 30 years of oil production in Mexico.
The statistics were based on such indexes as the evolution of its reserves, oil exploitation and the total production in the previous year, Pemex said in a document entitled "The Hydrocarbon Reserves of Mexico. Evaluation to January 1, 2009." The production in 2008 was about 1.451 billion barrels, according to the report.
Most of Mexico's potential hydrocarbon resources are located in the southeastern region and the Gulf of Mexico.
They are going to be struggling without changing their laws allowing foreign investment.
Too bad the drug cartels will own them in 10 years.
They probably own them already.
I wouldn’t necessarily believe these numbers. Pemex is totally corrupt and also accounts for 40% of Mexican government revenues. They have plenty of reason to lie.
There is probably more there, but PEMEX hasn’t found it because they are too busy trying to find their ass with both hands.
the problem with a country that makes a middle class illegal....you have poverty in a land where the natural resources are huge.
Obama is such a genius for putting us on the same path as Mexico.
Is there any sign of an end to their decline in production?
Not until they start investing in their exploration and infrastructure.
They have been starving the cash cow for years.
Mexico is a country in name only.
For the purpose of — surprise, surprise — buying votes.
It’s apparently also unconstitutional to get help from outside the country to reverse the production decline.
Proven.
Build the fence: its shovel ready.
This is what happened to us down there(Puerto Vallarta). When we arrived to fill up and my husband insisted on paying, our friend said, “Make sure they roll it all the way back to zero!” Since my husband was watching they did. Then, he went to pay them and they shorted us on the change...but, my husband did the math and confronted the guy who paid up!
We have vowed NOT to visit anywhere in Mexico since and have not missed the corruption one bit. Better places in the USA just as nice.
“Proven” is the term I keep wanting to use, but many sources show it as “Proved”. Proven “sounds” right to me, but I see Proved often.
http://tonto.eia.doe.gov/dnav/pet/pet_crd_pres_dcu_NUS_a.htm
http://www.eia.doe.gov/emeu/international/reserves.html
In other words, these usages are correct:
Of course, if “proved” is a petroleum industry term, then they are using it correctly.
It is, as defined by Society of Petroleum Engineers (SPE) and World Petroleum Council (WPC, formerly World Petroleum Congresses)
http://www.spe.org/spe-site/spe/spe/industry/reserves/Petroleum_Reserves_Definitions_1997.pdf
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