CNH commissioner Salvador Ortuño analyzed the global production and demand for hydrocarbons, highlighting the importance of the energy transition and the necessary strategies for Mexico.
The commissioner of the National Hydrocarbons Commission (CNH), Salvador Ortuño Arzate offered a comprehensive vision on the prospects for the exploration and extraction of hydrocarbons in Mexico and worldwide, considering the current context of the international market and the global energy transition.
In his analysis, he addressed the history of the production, consumption and supply of hydrocarbons, highlighting future expectations of supply and oil demand and gas under various geopolitical and economic variables.
Using figures from the end of 2020, Ortuño pointed out that proven oil reserves total 1,732 billion barrels, with the Middle East concentrating close to 50%. Proven gas reserves reach 188.07 billion cubic meters, with 40% in the Middle East, followed by Russia and the countries of the former Soviet Union (30%).
Regarding oil production, 89.88 million barrels per day were extracted in 2021, with the Middle East contributing 31%, North America 27% and the former Soviet Union (Russia) 15%. On the other hand, gas extraction totaled 3,861.52 billion cubic meters, with North America contributing 28%, Russia 22% and the Middle East 18%.
Ortuño also spoke about the energy transition and oil consumption projections until 2040. British Petroleum estimates that global oil production will decrease from 95.50 to 66.50 million barrels per day by 2040, while the International Energy Agency predicts an increase from 81.82 to 85.38 million barrels per day in the same period. Likewise, he mentioned the expected increase in the production of unconventional hydrocarbons.
At the national level, Ortuño described that Mexico has total prospective resources of approximately 68 billion barrels of oil and 225 billion cubic feet of gas. In addition, he emphasized the need to rethink strategies in the value chain of hydrocarbon exploration and extraction to face the increase in demand for fossil resources while alternative energy vectors are consolidated.
Finally, Ortuño stressed the importance of oil and energy planning, energy security and autonomy, and national security, considering the challenges of the country’s economic and social growth in a belligerent global context.
