Baku, Azerbaijan, March 3
By Leman Zeynalova – Trend:
Mexico's prospective resources have grown by over 4 billion barrels of oil equivalent (boe), the country's Secretary of Energy Pedro Joaquin Coldwell said on his Twitter page.
"The five-year plan for the country’s oil industry makes it possible to go from 38.844 billion to 42.681 billion barrels of oil equivalent of prospective resources,” Coldwell said.
The changes made in the plan that was approved in 2015, have allowed to increase the total area of oil fields to be put up for tender in Mexico by 2 percent and to increase the volume of the country’s prospective reserve by 10 percent, added the energy secretary.
The petroleum industry in Mexico makes the country the eleventh largest producer of oil in the world and the thirteenth largest in terms of net exports. Mexico has the seventeenth largest oil reserves in the world, and it is the fourth largest oil producer in the Western Hemisphere behind the US, Canada and Venezuela. Mexico is not a member of the OPEC or any petroleum production related organizations.
The state-owned company Petroleos Mexicanos (Pemex) has exclusive rights over all oil production in Mexico. The petroleum sector is crucial to the Mexican economy, while its oil production has fallen in recent years, oil revenues still generate over 10 percent of Mexico's export earnings.
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