Down 10%, Mexico Oil Reserves Gone in 9 Years Without New Finds
- Record-low drilling activity for 3 years seen as the cause
- Foreign explorers now working offshore offer boost by 2024
A Petroleos Mexicanos (Pemex) truck exits a supply center in Veracruz City, Mexico, on Jan. 8, 2017.
Photographer: Brett Gundlock/BloombergThis article is for subscribers only.
Mexico’s existing oil reserves are dwindling so fast the country could go dry within nine years without new discoveries.
That’s the message from the National Hydrocarbons Commission, which said Friday that the reserves fell 10.6 percent to 9.16 billion barrels in 2016, from 10.24 billion barrels a year earlier. Once the world’s third largest crude producer, Mexico’s proven reserves have declined 34 percent since 2013.