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Oil reserves rise in Mexico during López Obrador’s six-year term

Mexico City, May 3 (Prensa Latina) Petróleos Mexicanos (Pemex) increased its reserves and decreased its debt during the administration of President Andrés Manuel López Obrador, which began in December 2018, the company's director, Octavio Romero, stated today.

When speaking at the president’s usual press conference, Romero said in this six-year term the stabilization and growth of the proven reserves was achieved, since they received seven billion barrels at the beginning and in recent years they have been replenished by more than 100 percent.

“That is, what we extract from the subsoil, we incorporate to the reserves. So we received seven billion, and right now we are going at seven thousand 500 million,” he stated.

Regarding the entity’s debt, which doubled in previous governments and reached 131 billion dollars, he asserted that during this mandate that balance has decreased to 101 billion.

The official said they made a change in the direction of the investment -since other administrations focused on deep waters- and opted for variants in land and shallow waters, “where we already knew there was oil and the results were immediate”.

According to the data provided by Romero, the previous government developed eight new fields, which represents a marked contrast to what was achieved in the current period, during which 51 have been incorporated into production in five and a half years and some still remain working.

He alluded to the savings derived from the reduction in drilling times, since previously it took 168 days for marine wells and now this amount is obtained in 124, while he highlighted the contribution of Pemex in the production of national oil and gas for this year, with 97 percent of the first resource, and 98 percent of the second.

In five years we have increased new production by 560 thousand barrels per day; 39 platforms have been built (in the last administration there were 24); 167 pipelines (compared to 39 in the previous period), and 1,367 km of pipelines (compared to the previous 418).

Regarding refining, “in this logic the oil extracted is to produce gasoline, not to sell it,” he pointed out that in 2019 the number of barrels that were processed was 511 thousand per day, while the projection For this year it amounts to one million 452 thousand.

In relation to the production of petroleum products (gasoline, diesel and jet fuel), he highlighted that at the beginning of the administration 927 thousand barrels were purchased, and in September this year only 85 thousand will be imported.