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Mexico's proven crude oil reserves fall as natural gas reserves rise

Mexico's proven petroleum reserves have actually fallen though proven natural gas reserves increased, resulting in an increased total for hydrocarbon reserves, the nation's regulator said on Tuesday in its yearly upgrade for 2024.

Information from the National Hydrocarbons Commission, or CNH, revealed 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.

Overall tested hydrocarbon reserves, which include both crude oil and gas, increased to 8.383 billion barrels of petroleum equivalent from 8.162 billion barrels, the information showed.

The information had been due in March however was delayed for unspecified factors.

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

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

Authorities at the regulator stated throughout the presentation that the hydrocarbon sector would need significant investment to balanced out declining reserves at large fields as newer finds have stopped working to compensate.

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

(source: Reuters)