Mexico's Proven Crude Oil Reserves Fall as Natural Gas Reserves Rise

(Reuters) — Mexico's proven crude oil reserves have fallen though proven natural gas reserves increased, resulting in an increased total for hydrocarbon reserves, the country's regulator said on Tuesday in its annual update for 2024.

Data from the National Hydrocarbons Commission, or CNH, showed proven crude oil reserves fell to 5.978 billion barrels in 2024 from 6.155 billion barrels in 2023.

Meanwhile, proven natural gas reserves rose to 12.297 trillion cubic feet, up from 11.029 trillion cubic feet.

Total proven hydrocarbon reserves, which include both crude oil and natural gas, rose to 8.383 billion barrels of crude oil equivalent from 8.162 billion barrels, the data showed.

The data had been due in March but was delayed for unspecified reasons.

"Mexico is a country of mature fields," said Alan Barkley, director for reserves at the regulator.

The data showed 23 companies have 486 fields with reserves, but 220 of these are either only maintaining production or already declining.

Officials at the regulator said during the presentation that the hydrocarbon sector would need substantial investment to offset declining reserves at large fields as newer finds have failed to compensate.

Proven reserves, or P1, are a country's best estimate of resources that can be recovered from deposits with a reasonable level of certainty using current technology.

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