Pemex reserves increase to 7.5 billion barrels

When announcing an assessment of the situation at Petroleos Mexicanos, its director, Octavio Romero Oropeza, reported that proven reserves increased from 7 billion barrels to 7.5 billion barrels; The company’s debt went from 131 billion dollars to 101 billion dollars, that is, a net debt reduction of 30 billion dollars; The recovery of internal sales now reaches 80 percent of Pemex’s income.

On the other hand, he reported that diesel production tests are about to begin at the new Olmecas refinery, in Dos Bocas, although it will be in the coming weeks when this hydrocarbon can be further processed. Later, tests will begin for the production of Magna and Premium gasoline.

Romero Oropeza said that from a construction point of view, the 18 plants that make up the refinery have already been completed. The testing processes are already underway, first with nitrogen and later with hydrocarbons. “There are thousands of components. This month we are going to start testing the diesel plant.”

He showed a comparison of the construction costs of refineries that amounted to 18 billion dollars and the times it involved, which on average were 10 years, in contrast to the Olmeca refinery that was built in 5 years and a cost of 16,816 millions of dollars.

In this regard, President Andrés Manuel López Obrador, contrary to the criticism of his adversaries who claim that it cost a lot, is actually below the average in the world. If the Value Added Tax is removed from those 16,816 million dollars, it would be like 13 billion dollars, he asserted.

“Even so, we Mexicans should feel proud because it had not been built in Mexico for more than 40 years. The previous governments did not even finish the fence.”

During the presidential conference, Romero Oropeza said that in terms of proven reserves, it has been possible, with investments in exploration, to replenish and slightly increase the proven reserves that were had at the beginning of the six-year term, he noted that there was a radical reorientation in the investments for exploration because if previously they were carried out in deep waters, currently investments in shallow waters have been successful.

With this, it has been possible to develop the exploitation of 51 oil fields that contrast with the eight fields that were developed during the six-year term of Enrique Peña Nieto. Furthermore, according to the latest discoveries, eight new fields have been incorporated, with reserves of 450 million barrels. However, he said that for maximum exploitation, the drilling of 60 wells will be required, but this administration will only have time for 15 wells, so the next administration is guaranteeing the safe drilling of 45 wells.

He assured that drilling times have been reduced, which are currently 124 days in underwater fields, but were 168 days. There are 44 days less cost of leasing equipment, so costs are reduced by 281 million pesos and in terrestrial fields by 135 million pesos.

López Obrador highlighted that currently in Mexico the cost of oil extraction is fifteen dollars per barrel and its price is 70 dollars, which represents a profit of 55 dollars per barrel. He celebrated the success that the policy has had because from the beginning it invested in oil exploration, so now, despite the extraction, reserves have increased.

He considered that 2.5 million barrels per day could be produced (currently 1.8 are produced) but this would imply debt to accelerate production. But this will allow a more rational exploitation that will allow the next generations to have this material because, he considered, the energy transition in the world will still take time.