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 Editorials | Environmental | December 2007 
Mexico has Potential Oil Reserves of 53.8 Billion Barrels
 IANS
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Mexico City - Mexico has potential oil reserves of some 53.8 billion barrels, but it will take about $14.5 billion annually to exploit them, the Mexican energy secretariat has said.
During a presentation Tuesday on the prospects for the crude, natural gas, electricity, oil derivatives and petrochemical industries, energy secretary to the Mexican government Georgina Kessel emphasised the urgent need for reforms in the energy sector, Spanish news agency EFE reported Thursday.
Kessel said exploration and development of oil fields that have been already found would help the country raise oil production from 3.25 million barrel per day (bpd), to 3.4 bpd in 2016.
'The main challenge is expanding petroleum reserves constantly while maintaining oil and gas production at a level that will allow future generations to enjoy the riches of Mexico's natural resources,' Kessel said.
Mexico is facing depletion of its oil fields and the issue of energy reform has divided political leaders, with some calling for opening the industry to private investment while others urge that the state should remain in control. |
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