Mexican State Oil Company: End of Mexican Oil In 7 Years
From Prensa Latina, the Spanish-language news service:
Mexican Company Predicts End of Oil
Mexico, Jul 27 (Prensa Latina) Petroleos Mexicanos (PEMEX) announced that oil reserves may run out in seven years.
“Supplies of this economically exploitable resource are running out,” informed a report sent by the state owned company to the United States stock market.
Until December 31, 2005 the report says proven reserves were about 8.978 billion barrels, while yearly production was 1.322 billion tons. If this rhythm continues oil will run out in the time stipulated..
El Universal newspaper reports that experts of the PFC Energy Advisory company based in Washington pointed out that investments for PEMEX exploration is also running out of time.
Even if heavy investments were made now, new oil fields would take from six to eight years to be ready and, consequently, Mexico may have to import oil to satisfy the internal market, it warned.
The newspaper quotes Carlos Ramirez, PEMEX spokesman as saying that if necessary investments were made, this would provide another 2.9 more years to what is foreseen with the proven developed reserves.
The director of the state owned company, Jesus Reyes, insisted that these are difficult moments due to a reduction of production in Cantareli, the main oil field in the country.
Story from Sprott Asset Management’s Peak Oil Watch newsfeed - Sprott are a Toronto-based independent investment firm. Link via AltEnergyStocks.com.
July 30, 2007 9:53 AM
