CNH Reports Increase in Mexico’s Hydrocarbon Reserves

CNH reported marginal growth in Mexico's 3P (proved + probable + possible) oil reserves as of Jan. 1, 2024 of 65MMboe. According to the national reserves consolidation report presented on Tuesday, the total to be certified by the Governing Body amounted to 23,146MMboe, a 0.28% increase compared to 2022 when the volume was 23,081MMboe.

During its 37th ordinary session, Alan Barkley from the Technical Unit of Extraction and Supervision specified that 2P reserves (proved and probable) stood at 15,530MMboe, 2.5% higher than the previous year's 15,137MMboe. 1P reserves (proved), considered the most significant due to their 90% extraction success rate, increased by 2.7% or 221MMboe compared to 2023 when the total reported was 8,162MMboe.

Regarding oil, CNH reported a total of 1P reserves of 5,978MMb, representing a 2.8% decline compared to the same period in 2023. The downward trend was also reflected in 2P and 3P reserves, with volumes decreasing from 11,515MMb to 11,077MMb and from 17,515MMb to 16,382MMb, respectively, a decline of 3.7 and 6.4%.

In terms of gas, CNH report presented encouraging numbers with increases of over 10%. In 3P reserves, the volume increased from 31.558Bcf to 34.858Bcf, a 10.4% advance. In 2P reserves, the figure grew by 13%, rising from 20.565Bcf to 23.301Bcf. Finally, in 1P reserves, the upturn was 11.5%, closing at 12.297Bcf, which is 1.269Bcf more than in 2024.

CNH emphasized that this report consolidated Reserve figures from the reports of 23 operators with 486 fields with reserves, of which 458 were certified by Independent Third Parties.