Pemex adds 916mboe reserves in 2004

Mexico's state oil company Pemex added 916 million barrels of oil equivalent (mboe) of new crude and gas reserves to its proven, probable and possible reserves in 2004, allowing the company to replace 57% of its reserves, the company said in a statement Friday. Pemex replaced 29% of its proven and probable reserves and 15% of its proven reserves, the statement said. The replacement of proven reserves was actually 23%, considering the discovery of new reserves together with the development and replacement of existing reserves, the statement said. The new reserves are mainly from discoveries in non-associated gas and oil fields. Production in 2004 was 1.61bboe, including non-associated gas production in the northern region of the country and oil production in the southern and marine regions. Pemex had total proven, probable and possible reserves of 46.9bboe as of January 1 this year. Of those reserves, 17.6bboe were proven, 15.8bboe probable and 13.4bboe possible. Considering last year's production, proven, probable and possible reserves have a lifespan of 29 years, proven and probable reserves have 21years and proven reserves have 11 years, the statement said.