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Pemex Bids to Keep All of Mexico’s Proven Oil Reserves, CEO Says

Petroleos Mexicanos, the fifth-largest crude producer, is seeking to retain all of Mexico’s 14 billion barrels of proven oil reserves as the country opens to foreign investment for the first time since 1938.

Pemex, as the state-run oil company is known, sent a bid to the Energy Ministry on March 21 requesting to keep all fields where proven reserves are available and 83 percent of Mexico’s 24.8 billion proved and probable, or ‘2p’, oil reserves, Chief Executive Officer Emilio Lozoya said yesterday. Mexico passed a law last year to break Pemex’s production monopoly and allow companies such as Exxon Mobil Corp. and Chevron Corp. to explore for oil in deep waters and onshore shale gas deposits.