Mexico’s state-owned oil company Pemex has disclosed a reserves-to-production ratio of 9.1 years, signaling that its current proved reserves would last just over nine years at present extraction rates.
The filing, submitted to U.S. regulators, reveals a structural imbalance in the company’s resource base: while total reserves ticked up slightly last year, the gain was driven entirely by natural gas.
Proved crude oil reserves fell by 2.6 percent, and the report explicitly names five major fields that are running dry.
The data underscores the fragility of Mexico’s upstream supply outlook.
With crude reserves contracting and key fields depleting, the long-term production capacity of the state giant is under pressure.
This development adds to growing investor skepticism regarding Pemex’s ability to maintain output without significant new investment or technological intervention.