& Tobago


Very usefull links


News links




Dow Jones

Oil price



Views and News





Pemex's new discoveries up 120%
of oil reserves replacement


HA-KU-H / HA-ZAAP-C living-quarter platforms / PEMEX Exploración y Producción

Reporting by Adriana Barrera/Reuters

Petroleumworld 05 12 2020

National oil company Pemex soared in 2019 compared to the previous year, according to the firm's annual filing with the U.S. Securities and Exchange Commission (SEC).

Pemex's 2019 replacement rate, a measure of new discoveries compared to ongoing production, jumped to 120.1% due to new discoveries and revisions.

The figure represents a marked improvement on 2018, when the replacement rate stood at 34.7%, far below the industry standard of aiming to replace 100% of yearly output with new discoveries.

Loss-making and heavily-indebted Pemex has been dealt a further blow in recent months by the drastic drop in oil prices.

But its replacement rate was helped by discoveries of six new fields, four of them in shallow water in the Gulf of Mexico, both with gas and crude.

As of March, the most recent figures available, Pemex's crude production averaged 1,992 million barrels per day (bpd), including with partnerships. But 1,745 million bpd without partners.

The oil company expects to produce an average of 1,867 million bpd of crude in 2020, according to the document sent to the SEC.

Pemex last month announced first-quarter losses of $23.6 billion (562.13 billion peso), likely the company's biggest ever quarterly loss as the COVID-19 pandemic cratered demand for crude oil globally.

Reporting by Adriana Barrera; Editing by Drazen Jorgic and Subhranshu Sahu from Reuters.
05 11 2020



Editor & Publisher:Elio Ohep /
Contact Email:

CopyRight © 1999-2020, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2020, Petroleumworld   / Elio Ohep - All rights reserved


This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.