LatinNews Daily - 05 August 2020

* Mexico’s national hydrocarbons commission (CNH) has reported that as of 1 January 2020, Mexico’s ‘3P’ (proven, probable, and possible) crude oil reserves had fallen by 6.9% (a decline of 1.32bn barrels) compared with the previous year, while natural gas reserves fell by 8.2% (down 2.66trn cubic feet). As well as extraction, CNH commissioner Sergio Pimentel attributed this decline to a reduction in exploratory activities. Pimentel noted that there are areas owned or leased by state-owned oil firm Pemex that are yet to be explored, which could lead to further discoveries; he emphasised the importance of increased exploration, stating that “we are in a desirable scenario of energy transition, and the wealth that we fail to take advantage of in the coming years will become useless”.

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