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Pemex’s Proven Reserves Gain for Second Year After Discoveries

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March 17 (Bloomberg) -- Petroleos Mexicanos, the state-owned company, posted a gain in its proven reserves for a second year, supported by discoveries in the Gulf of Mexico and onshore.

Mexico’s reserves rose 0.4 percent to 13.868 billion barrels as of Jan. 1 from 13.81 billion a year earlier, Mexican President Enrique Pena Nieto said today on the 75th anniversary of the state-owned company. Last year, reserves rose 0.1 percent, the first gain in more than a decade.

Pemex made its first two ultra-deepwater crude discoveries in the Gulf of Mexico and also struck oil in an onshore field in the Southeastern state of Tabasco last year. Pena Nieto said Pemex preliminary estimates project that total hydrocarbons reserves, including probable and possible, climbed to 44.5 billion barrels, the highest since 2006, from 43.8 billion barrels a year ago.

Probable and possible reserves are unproved reserves that indicate the relative degree of doubt about their existence, according to the Society of Petroleum Engineers and World Petroleum Council.

Proved reserves are the only type the U.S. Securities and Exchange Commission allows oil companies to report to investors.

To contact the reporter on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net

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