Mexico's Pemex retains 83% of oil reserves

A refinery of Mexican state-owned petroleum company PEMEX in Tula, Hidalgo state, Mexico on March 8, 2011Mexico’s state oil company Pemex retained rights to 83 percent of the country’s proven and probable oil reserves Wednesday, as the government began implementing landmark energy reforms. The allocation, which is equivalent to an estimated 20.6 billion barrels, is the first step in overhauling the country’s energy industry, ending Pemex’s 76-year monopoly and opening the sector to foreign companies. Under the reforms, which President Enrique Pena Nieto signed into law Monday, Pemex had to apply to the government to retain the rights to the oil fields it wanted to keep — a so-called “Round Zero” before the first round of bidding from other firms. Energy Minister Pedro Joaquin Coldwell said Pemex was keeping “83 percent of 2P reserves (proven and probable), which amounts to 100 percent of its request, and 21 percent of possible reserves, which amounts to 67 percent of its request.”

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