Pemex increases crude reserve restitution to 72 % in 2008

Mar 18, 2009 01:00 AM

Mexico's state oil company Pemex increased its proven crude reserve restitution rate (RRR) to 72 % in 2008 from 50.3 % in 2007, President Felipe Calderon said.
Exploration efforts by Pemex's exploration and production subsidiary PEP in the year yielded more than 1 bbl of proven crude reserves. Including gas, the new proven reserves neared 1.5 bn boe, up 41 % from the previous year, Calderon said. As such, total 1P reserves as of end-2008 were 14.3 bn boe, down 2.7 % from the end of 2007.

Given current production levels and reserves, Mexico has nearly 10 years of oil production remaining, the president said. However, he expressed optimism in light of the RRR registered in 2008 given the 41 % level when he took office in 2006.
"Today we begin to reverse a worrying situation for Mexico and for Pemex," Calderon said.

3P reserves
Meanwhile, PEP's 2008 RRR for proven, probable and possible reserves (3P) surpassed 100 % in 2008 compared to 60 % in 2007, Calderon said. The company had a total 43.6 bn boe 3P oil and gas reserves as of year-end.
PEP produced an average of 2.79 mm bpd oil in 2008, down 9.2 % from 2007 due to the 30.1 % decline, equal to 450,000 bpd, at its prolific Cantarell field.

Output at Pemex's Chicontepec field in Veracruz and Puebla states is expected to grow quickly despite delays it faced in 2008, Pemex CEO Jesus Reyes Heroles said. Chicontepec this year will start offsetting the decline of mature fields, especially Cantarell, Reyes said. Chicontepec produced 33,000 bpd crude in 2008.
Calderon and Reyes spoke at a well site in the municipality of Venustiano Carranza, Puebla state. The municipality is one of three in the state that makes up the company's Chicontepec project.

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