Mexico's reserves, production rising

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 advanta...

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