MEXICO CITY – Mexico’s oil and gas reserves have dropped, compared to 2016, dragged down by a sharp decline in total proven and probable reserves (2P) of natural gas, the National Hydrocarbons Commission (CNH) said.
The energy regulatory agency looked at 2P and total proven, possible and probable reserves (3P) as of Jan. 1, 2017.
Mexico’s 2P gas reserves fell from 22.02 billion cubic feet on Jan. 1, 2016, to 19.3 billion cubic feet on Jan. 1 of this year, a drop of 12.4 percent, the CNH said.
The country’s 2P oil reserves dropped from 13.27 billion barrels to 12.84 billion barrels, a decline of 3.2 percent, while crude equivalent reserves fell from 17.79 billion barrels to 16.76 billion barrels, a drop of 5.7 percent.
Mexico’s 3P reserves of crude rose 2.7 percent from 19.45 billion barrels on Jan. 1, 2016, to 19.97 billion barrels on the first day of this year, the CNH said.
The country’s 3P gas reserves fell from 32.56 billion cubic feet to 28.95 billion cubic feet, a drop of 11.1 percent, while oil equivalent reserves declined from 26.14 billion cubic feet to 25.85 billion cubic feet, a decrease of 1.1 percent.
The government hopes that the 2013 energy reforms, which ended an eight-decade state monopoly over the oil industry, will lead to more efficient exploitation of oil and gas resources.