As of Jan. 1, 2000 Mexico had proven, probable, and possible reserves of 41.495 bbl of crude oil, up from 41.064 billion bbl at the end of 1998.
Rogelio Montemayor, director general of Mexico's state-owned oil giant Petroleos Mexicanos, disclosed the data during the presentation of Pemex's 1999 annual report. Pemex began calculating its reserves via internationally accepted methods in 1998.
The firm reached a historical high for crude output in a single day in March 1999, when production hit 3.31 million b/d, Montemayor added.
"For the first time its history, Pemex has spare production capacity that, in the context of sharp price fluctuations, gives it a strategic negotiating advantage." Pemex produced an average of 2.9 million b/d of crude in 1999.
Mexico also has proven, probable, and possible natural gas reserves of 78.286 tcf, according to the Pemex annual report
Overall production of natural gas rose 32% during 1994-1999, an average growth of 1.17 bcfd, Montemayor said. Under Mexico's strategic natural gas development plan, natural gas production is expected to rise by 3.5 bcfd by 2008, a nearly 70% increase over current levels. In 1999, Mexico produced 4.8 bcfd of natural gas.
Mexico's largest oil producing complex, Cantarell, is expected to produce 1.47 million b/d of heavy crude and 555 MMcfd of associated natural gas this year, Montemayor said. By 2002, Cantarell production capacity is expected to rise to 2.22 million b/d of crude and 875 MMcfd of associated natural gas.
In the nation's most important nonassociated natural gas producing area, the Burgos basin, production of gas has quadrupled since 1994 and now stands at 1.2 bcfd, he said. That level is expected to rise to 1.4 bcfd by 2004, Montemayor added.
