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Mexico Exceeding 100% Reserve-Replacement Rate, Calderon Says

Petroleos Mexicanos’ proven reserve replacement rate now exceeds 100 percent, meaning the Mexican state-owned oil company is replacing every barrel of oil it extracts with at least one new barrel of reserves, President Felipe Calderon said today.

Calderon made the comment at a ceremony to start operations of the Bicentenario semi-submersible oil platform, according to a transcript e-mailed by his press office.

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