Mexico’s proven oil and gas reserves dropped again last year, after new certified discoveries—mostly by private foreign operators—were unable to keep pace with current production. According to data by Mexico’s National Hydrocarbons Commission (CNH), the country’s proved total oil and gas reserves were 8.484 billion barrels of oil equivalent as of January 1, 2018, which was a drop of more than 7 percent compared to the January 2017 reserves update. As of January 1, 2017, Mexico’s proved oil and gas reserves were estimated at 9.16 billion barrels of oil equivalent, down by 10.6 percent from the 10.243 billion boe as of the beginning of 2016. Proved oil reserves were down 7.9 percent to 7.037 billion barrels from 7.641 billion barrels estimated as of 2016. At the beginning of this year, oil reserves were 6.464 billion barrels, CNH data showed. The silver lining in the oil reserves base is that […]