The replacement rate of proven oil and gas reserves estimated by Mexican 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).
FILE PHOTO: The Pemex logo is seen at its headquarters in Mexico City, Mexico, April 20, 2020. REUTERS/Edgard Garrido
Pemex’s 2019 replacement rate, a measure of new discoveries compared to ongoing production, jumped to 120.1% due to new discoveries and revisions. Loss-making and heavily-indebted Pemex has been dealt a further blow in recent months by the drastic drop in oil prices. As of March, the most recent figures available, Pemex’s crude production averaged 1,992 million barrels per day , including with partnerships. But 1,745 million bpd without partners.
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