Mexico's Pemex retains 83% of oil reserves | Bangkok Post: news

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Mexico's Pemex retains 83% of oil reserves

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MEXICO CITY - Mexico'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. 

A refinery of Mexican state-owned petroleum company PEMEX in Tula, Hidalgo state, Mexico on March 8, 2011

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.

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