Gulf Oil and Gas accountACCOUNT

Pemex Failed to Replenish its Reserves in 2015

Source: Reuters 5/16/2016, Location: South America

Mexican state oil giant Pemex failed to replenish its proven reserves in 2015 with enough new discoveries, after its reserve-replacement ratio hit just 18 percent in 2014.

"During 2015, we obtained 120 million barrels of oil equivalent of proved reserves from discoveries. However, this volume was not enough to compensate for the reductions in reserves resulting from revisions, delimitations and decreased development and production in 2015," Pemex said.

"As a result, there was no replacement of proved reserves in 2015."

A reserve-replacement ratio of 100 percent would mean that an oil producer is replacing all the oil and gas it pumps with its reserves. Anything below 100 percent means the oil producer is unable to replenish proven reserves of its extracted hydrocarbons.

Reservoir Engineering & Recovery Methods News in Mexico >>

Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

Related Articles: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 


Mexico Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.