Mexico's oil and gas reserves fell in 2016 as fewer discoveries of gas deposits offset a rise in additional crude reserves, the sector regulator said on May 30.
Overall so-called 2P hydrocarbon reserves, or deposits considered proven and probable, fell nearly 6% in 2016 to total 16.77 billion barrels of oil equivalent (Bboe), compared to 2015 figures, regulator CNH said.
There is a 50% likelihood of commercial recovery of 2P reserves using existing technology.
Meanwhile, Mexico's so-called 3P reserves, deposits considered proven, probable and possible, slipped 1.1% to total 25.86 Bboe, compared to the previous year.
There is a 10% likelihood of commercial recovery of 3P reserves using existing technology.
Mexico, the world's 11th-largest oil producer, aims for a 100% replacement rate of its reserves to balance out current crude output of slightly more than 2 MMbbl/d.
Pemex, the national oil company, has suffered steep budgets cuts over the past few years amid falling oil prices, which has harmed the company's ability to make new discoveries and boost reserves.
Energy reforms enacted in 2013 ended Pemex's decades-long monopoly and allowed new private oil and gas producers to operate on their own. But significant new streams of output from the new entrants into the market are still several years off.
Mexico's 1P, or proven, reserves stood at 9.16 Bboe in 2016, down by about 10% compared to the previous year, according to CNH data released in March.
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