Report on Reserves Data by Ryder Scott Company, L. P.



 Exhibit 10.2 
 Pemex Exploración y Producción 
 Estimated 

Future Reserves 
 Attributable to Certain 
 Oil and Gas Interests 

SEC Parameters 
 As of 
 December 31, 2010 

 

					
		 	 /s/ Guale Ramirez
	  	
 




		 	 Guale Ramirez, P.E.
 TBPE License No. 48318

Managing Senior Vice President –
 International
  
 RYDER SCOTT COMPANY, L.P.
 TBPE Firm Registration No.
F-1580
	  

 RYDER SCOTT COMPANY    PETROLEUM CONSULTANTS









					
	



	  	
	TBPE REGISTERED ENGINEERING FIRM F-1580	  	FAX (713) 651-0849
	1100 LOUISIANA         SITE 3800	  	HOUSTON, TEXAS 77002-5235	  	TELEPHONE (713) 651-9191

 February 18, 2011 
 Ing. Carlos Morales Gil 
 Director General de Pemex Exploración y Producción

 Av. Marina Nacional #329, Piso 41 T.E. 
 Colonia Petróleos Mexicanos 
 México 11311, D.F. 

Dear Ing. Morales: 
 At the
request of Pemex Exploración y Producción (Pemex), Ryder Scott Company (Ryder Scott) has conducted a reserves audit of the estimates of the proved reserves as of December 31, 2010, prepared by Pemex’s engineering and
geological staff based on the definitions and disclosure guidelines of the United States Securities and Exchange Commission contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final Rule released
January 14, 2009, in the Federal Register (SEC regulations). Our third party reserves audit, completed on February 8, 2011, and presented herein, was prepared for public disclosure by Pemex in filings made with the SEC in accordance with
the disclosure requirements set forth in the SEC regulations. The properties reviewed by Ryder Scott are comprised of those properties located in Pemex’s Northern Region and incorporate 16331 reserve determinations. The subject properties are
located in the states of Coahuila, Nuevo Leon, Puebla, San Luis Potosi, Tamaulipas and Veracruz. Certain properties are located in territorial waters, offshore Gulf of Mexico. Pemex owns interests in other properties located in the Northern Region
that were not reviewed by Ryder Scott. The proved net reserves attributable to the properties that we reviewed account for 90.8 percent of the total proved net oil equivalent barrels (BOE) for the Northern Region. 

Pemex also owns interests in properties located in other Regions of Mexico. The reserves estimated by Pemex for such other Regions were
not reviewed by Ryder Scott. Based on the estimates of total net proved reserves prepared by Pemex, the reserves audit conducted by Ryder Scott addresses 4.5 percent of the total proved developed net liquid hydrocarbon reserves and 21.2 percent of
the total proved developed net gas reserves or 8.2 percent of the total proved developed net reserves on a barrel of oil equivalent, BOE basis, and 10.8 percent of the total proved undeveloped net liquid hydrocarbon reserves and 15.6 percent of the
total proved undeveloped net gas reserves or 12.0 percent of the total proved undeveloped net reserves on a barrel of oil equivalent, BOE basis of Pemex. 
 As prescribed by the Society of Petroleum Engineers (SPE) in Paragraph 2.2(f) of the publication entitled “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves
Information” promulgated by the SPE as of February 19, 2007 (SPE 2007 Standards), a reserves audit is defined as “the process of reviewing certain of the pertinent facts interpreted and assumptions made that have resulted in an
estimate of reserves prepared by others and the rendering of an opinion about (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the data relied upon; (3) the depth and thoroughness of the reserves
estimation process; (4) the classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness of the estimated reserve quantities.” 

 

							
	1200, 530 - 8TH AVENUE, S.W.	 	CALGARY, ALBERTA T2P 3S8	 	    TEL (403) 262-2799	 	    FAX (403) 262-2790
	621 17TH STREET, SUITE 1500	 	DENVER, COLORADO 80293-1501	 	    TEL (303) 623-9147	 	    FAX (303) 623-4258









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 2 

 

 Based on our review, including the data, technical processes and interpretations
presented by Pemex, it is our opinion that the overall procedures and methodologies utilized by Pemex in preparing their estimates of the proved reserves as of December 31, 2010, comply with the current SEC regulations and that the overall
proved reserves for the reviewed properties as estimated by Pemex are, in the aggregate, reasonable and within the established audit tolerance guidelines of 10 percent set forth in the SPE auditing standards. 

Pemex has informed us that in the preparation of their reserve and income projections, as of December 31, 2010, they used average
prices during the 12-month period prior to the ending date of the period covered in this report, determined as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices
were defined by contractual arrangements, as required by the SEC regulations. Actual future prices may vary significantly from the prices required by SEC regulations; therefore, volumes of reserves actually recovered and the amounts of income
actually received may differ significantly from the estimated quantities presented in this report. The net reserves as estimated by Pemex attributable to Pemex’s interests in properties that we reviewed and the reserves of properties in the
Northern Region that we did not review are summarized as follows: 
 SEC PARAMETERS 

Estimated Net Reserves 
 Attributable to Certain Properties in the Northern Region 
 Pemex Exploración
y Producción 
 As of December 31, 2010 

 
  

																	
	 	  	Proved	 
	 	  	Developed	 	  	 	 	  	Total Proved	 
	 	  	Producing	 	  	Non-Producing	 	  	Undeveloped	 	  
	 Net Reserves of Properties
	  				  				  				  			
	 Audited by Ryder Scott
	  				  				  				  			
	 Oil/Condensate – MM Barrels
	  	 	147.0	  	  	 	166.2	  	  	 	339.8	  	  	 	653.0	  
	 Plant Products – MM Barrels
	  	 	21.5	  	  	 	27.2	  	  	 	41.1	  	  	 	89.8	  
	 Dry Gas(1) – MM Barrels
	  	 	248.5	  	  	 	154.3	  	  	 	158.2	  	  	 	561.0	  
	 BOE – MM Barrels
	  	 	416.9	  	  	 	347.7	  	  	 	539.1	  	  	 	1,303.8	  
	 Gas – MMCF
	  	 	1,327.5	  	  	 	849.4	  	  	 	910.2	  	  	 	3,087.1	  
					
	 Net Reserves of Properties
	  				  				  				  			
	 Not Audited by Ryder Scott
	  				  				  				  			
	 Oil/Condensate – MM Barrels
	  	 	3.4	  	  	 	1.6	  	  	 	0.4	  	  	 	5.4	  
	 Plant Products – MM Barrels
	  	 	4.0	  	  	 	2.5	  	  	 	4.6	  	  	 	11.1	  
	 Dry Gas(1) – MM Barrels
	  	 	51.6	  	  	 	28.6	  	  	 	35.3	  	  	 	115.5	  
	 BOE – MM Barrels
	  	 	58.9	  	  	 	32.7	  	  	 	40.3	  	  	 	132.0	  
	 Gas – MMCF
	  	 	272.9	  	  	 	151.9	  	  	 	188.6	  	  	 	613.4	  
					
	 Total Net Reserves
	  				  				  				  			
	 Oil/Condensate – MM Barrels
	  	 	150.3	  	  	 	167.8	  	  	 	340.3	  	  	 	658.4	  
	 Plant Products(1) – MM Barrels
	  	 	25.5	  	  	 	29.8	  	  	 	45.7	  	  	 	101.0	  
	 Dry Gas(2) – MM Barrels
	  	 	300.0	  	  	 	182.9	  	  	 	193.5	  	  	 	676.4	  
	
BOE(3) – MM Barrels
	  	 	475.9	  	  	 	380.5	  	  	 	579.5	  	  	 	1,435.8	  
	 Gas – MMCF
	  	 	1,600.4	  	  	 	1,001.3	  	  	 	1,098.8	  	  	 	3,700.5	  

  

	(1)	Includes liquids generated through the transportation process and at the petrochemical plants. 


	(2)	Dry gas reserves are the dry, sweetened gas available for sale by Pemex Gas y Petroquímica Básica at the tailgate of the processing plants.



	(3)	Barrels of oil-equivalent are based on dry gas conversion factors provided by Pemex. 


  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 3 

 

 Liquid hydrocarbons are expressed in standard 42 gallon barrels. All gas volumes are
reported on an “as-sold” basis expressed in millions of cubic feet (MMCF) at the official temperature and pressure bases of the areas in which the gas reserves are located. The net remaining reserves are also shown herein on an equivalent
unit basis wherein natural gas is converted to oil equivalent using a factor of 5,200.9 cubic feet of natural gas per one barrel of oil equivalent. MMBOE means million barrels of oil equivalent. 

Reserves Included in This Report 
 In our opinion, the proved reserves presented in this report conform to the definition as set forth in the Securities and Exchange Commission’s Regulations Part 210.4-10(a). An abridged version of
the SEC reserves definitions from 210.4-10(a) entitled “Petroleum Reserves Definitions” is included as an attachment to this report. 
 The various proved reserve status categories are defined under the attachment entitled “Petroleum Reserves Definitions” in this report. The proved developed non-producing reserves included
herein consist of the shut-in and behind pipe categories. 
 Reserves are “estimated remaining quantities of oil and gas
and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations.” All reserve estimates involve an assessment of the uncertainty relating the likelihood that
the actual remaining quantities recovered will be greater or less than the estimated quantities determined as of the date the estimate is made. The uncertainty depends chiefly on the amount of reliable geologic and engineering data available at the
time of the estimate and the interpretation of these data. The relative degree of uncertainty may be conveyed by placing reserves into one of two principal classifications, either proved or unproved. Unproved reserves are less certain to be
recovered than proved reserves and may be further sub-classified as probable and possible reserves to denote progressively increasing uncertainty in their recoverability. At Pemex’s request, this report addresses only the proved reserves
attributable to the properties reviewed herein. 
 Proved oil and gas reserves are those quantities of oil and gas which, by
analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward. The proved reserves included herein were estimated using deterministic methods. If deterministic methods
are used, the SEC has defined reasonable certainty for proved reserves as a “high degree of confidence that the quantities will be recovered”. 
 Proved reserve estimates will generally be revised only as additional geologic or engineering data become available or as economic conditions change. For proved reserves, the SEC states that “as
changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to the estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or
remain constant than to decrease.” Moreover, estimates of proved reserves may be revised as a result of future operations, effects of regulation by governmental agencies or geopolitical or economic risks. Therefore, the proved reserves included
in this report are estimates only and should not be construed as being exact quantities, and if recovered, could be more or less than the estimated amounts. 
 Audit Data, Methodology, Procedure and Assumptions 
 The estimation
of reserves involves two distinct determinations. The first determination results in the estimation of the quantities of recoverable oil and gas and the second determination results in the 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 4 

 

 
estimation of the uncertainty associated with those estimated quantities in accordance with the definitions set forth by the Securities and Exchange Commission’s Regulations Part
210.4-10(a). The process of estimating the quantities of recoverable oil and gas reserves relies on the use of certain generally accepted analytical procedures. These analytical procedures fall into three broad categories or methods:
(1) performance-based methods; (2) volumetric-based methods; and (3) analogy. These methods may be used singularly or in combination by the reserve evaluator in the process of estimating the quantities of reserves. Reserve evaluators
must select the method or combination of methods which in their professional judgment is most appropriate given the nature and amount of reliable geoscience and engineering data available at the time of the estimate, the established or anticipated
performance characteristics of the reservoir being evaluated and the stage of development or producing maturity of the property. 
 In many cases, the analysis of the available geoscience and engineering data and the subsequent interpretation of this data may indicate a range of possible outcomes in an estimate, irrespective of the
method selected by the evaluator. When a range in the quantity of reserves is identified, the evaluator must determine the uncertainty associated with the incremental quantities of the reserves. If the reserve quantities are estimated using the
deterministic incremental approach, the uncertainty for each discrete incremental quantity of the reserves is addressed by the reserve category assigned by the evaluator. Therefore, it is the categorization of reserve quantities as proved, probable
and/or possible that addresses the inherent uncertainty in the estimated quantities reported. For proved reserves, the SEC defines certainty based on the concept of reasonable certainty wherein the “quantities actually recovered are much more
likely than not to be achieved.” The SEC states that “probable reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be
recovered.” The SEC states that “possible reserves are those additional reserves that are less certain to be recovered than probable reserves and the total quantities ultimately recovered from a project have a low probability of exceeding
proved plus probable plus possible reserves.” All quantities of reserves within the same reserve category must meet the SEC definitions as noted above. 
 Estimates of reserves quantities and their associated reserve categories may be revised in the future as additional geoscience or engineering data become available. Furthermore, estimates of reserves
quantities and their associated reserve categories may also be revised due to other factors such as changes in economic conditions, results of future operations, effects of regulation by governmental agencies or geopolitical or economic risks as
previously noted herein. 
 The proved reserves for the properties that we reviewed were estimated by performance methods, the
volumetric method, analogy, or a combination of methods. Approximately 95 percent of the proved producing reserves attributable to producing wells and/or reservoirs that we reviewed were estimated by performance methods. These performance methods
include, but may not be limited to, decline curve analysis and material balance which utilized extrapolations of historical production and pressure data available through December, 2010, in those cases where such data ware considered to be
definitive. The data utilized in this analysis were furnished to Ryder Scott by Pemex and were considered sufficient for the purpose thereof. The remaining 5 percent of the proved producing reserves that we reviewed were estimated by the volumetric
method, analogy, or a combination of methods. These methods were used where there were inadequate historical performance data to establish a definitive trend and where the use of production performance data as a basis for the reserve estimates was
considered to be inappropriate. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 5 

 

 All of the proved developed non-producing and undeveloped reserves that we reviewed were
estimated by the volumetric method, analogy, or a combination of methods. The volumetric analysis utilized pertinent well and seismic data furnished to Ryder Scott by Pemex for our review that were available through December, 2010. The data utilized
from the analogues in conjunction with well and seismic data incorporated into the volumetric analysis were considered sufficient for the purpose thereof. 
 To estimate economically recoverable proved oil and gas reserves we consider many factors and assumptions including, but not limited to, the use of reservoir parameters derived from geological,
geophysical and engineering data which cannot be measured directly, economic criteria based on current costs and SEC pricing requirements, and forecasts of future production rates. Under the SEC regulations 210.4-10(a)(22)(v) and (26), proved
reserves must be anticipated to be economically producible from a given date forward based on existing economic conditions including the prices and costs at which economic producibility from a reservoir is to be determined. While it may reasonably
be anticipated that the future prices received for the sale of production and the operating costs and other costs relating to such production may increase or decrease from those under existing economic conditions, such changes were, in accordance
with rules adopted by the SEC, omitted from consideration in conducting this review. 
 As stated previously, proved reserves
must be anticipated to be economically producible from a given date forward based on existing economic conditions including the prices and costs at which economic producibility from a reservoir is to be determined. To confirm that the proved
reserves reviewed by us meet the SEC requirements to be economically producible, we have reviewed certain primary economic data utilized by Pemex relating to hydrocarbon prices and costs as noted herein. 

The hydrocarbon prices furnished by Pemex for the properties reviewed by us are based on SEC price parameters using the average prices
during the 12-month period prior to the ending date of the period covered in this report, determined as the unweighted arithmetic averages of the prices in effect on the first-day-of-the-month for each month within such period, unless prices were
defined by contractual arrangements. For hydrocarbon products sold under contract, the contract prices, including fixed and determinable escalations exclusive of inflation adjustments, were used until expiration of the contract. Upon contract
expiration, the prices were adjusted to the 12-month unweighted arithmetic average as previously described. 
 The initial SEC
hydrocarbon prices in effect on December 31, 2010 for the properties reviewed by us were determined using the 12-month average first-day-of-the-month prices appropriate to the geographic areas where the hydrocarbons are sold. These prices are
the actual prices received by Pemex Exploración y Producción for the sale of hydrocarbon products to its affiliates such as Pemex Refining. The table below summarizes the average prices used by Pemex for the geographic areas reviewed
by us. 
 The table below summarizes Pemex’s net volume weighted benchmark prices adjusted for differentials for the
properties reviewed by us and referred to herein as Pemex’s “average realized prices.” The average realized prices shown in the table below were determined from Pemex’s estimate of the total future gross revenue before production
taxes for the properties reviewed by us and Pemex’s estimate of the total net reserves for the properties reviewed by us for each of the areas referred to as Activos in the Northern Region. The data shown in the table below is presented in
accordance with SEC disclosure requirements for each of the geographic areas within the Northern Region reviewed by us. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 6 

 


							
	 Geographic Area (Activo)
	  	 Product
	  	Average
Realized
Prices	 
			
	 AIPRA Area
	  	Oil	  	$	70.95/Bbl	  
	  	Gas	  	$	3.85/MCF	  
	 ATG Area Chicontepec
	  	Oil	  	$	72.81/Bbl	  
	  	Gas	  	$	3.74/MCF	  
	 Burgos Area
	  	Oil/Condensate	  	$	72.84/Bbl	  
	  	Gas	  	$	3.67/MCF	  
	 Veracruz Area
	  	Oil/Condensate	  	$	68.09/Bbl	  
	  	Gas	  	$	3.94/MCF	  

 The effects of derivative instruments designated as price hedges of oil and gas quantities are not
reflected in Pemex’s individual property evaluations. 
 Accumulated gas production imbalances, if any, were not taken into
account in the proved gas reserve estimates reviewed. The proved gas volumes included herein do not attribute gas consumed in operations as reserves. 
 Operating costs furnished by Pemex are based on the operating expense reports of Pemex and include only those costs directly applicable to the fields or wells for the properties reviewed by us. The
operating costs include a portion of general and administrative costs allocated directly to the fields and wells. The operating costs furnished by Pemex were accepted as factual data and reviewed by us for their reasonableness; however, we have not
conducted an independent verification of the data used by Pemex. No deduction was made for loan repayments, interest expenses, or exploration and development prepayments that were not charged directly to the fields or wells. 

Development costs furnished by Pemex are based on authorizations for expenditure for the proposed work or actual costs for similar
projects. The development costs furnished by Pemex were accepted as factual data and reviewed by us for their reasonableness; however, we have not conducted an independent verification of the data used by Pemex. At Pemex’s request, abandonment
costs were not considered in our economic evaluation. 
 The proved developed non-producing and undeveloped reserves for the
properties reviewed by us have been incorporated herein in accordance with Pemex’s plans to develop these reserves as of December 31, 2010. The implementation of Pemex’s development plans as presented to us is subject to the approval
process adopted by Pemex’s management. As the result of our inquiries during the course of our review, Pemex has informed us that the development activities for the properties reviewed by us have been subjected to and received the internal
approvals required by Pemex’s management at the appropriate local, regional and/or corporate level. Additionally, Pemex has informed us that they are not aware of any legal, regulatory, political or economic obstacles that would significantly
alter their plans. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 7 

 

 The project known as Aceite Terciario del Golfo (ATG), and also known as Chicontepec, is
authorized by the government of the United States of Mexico having Authorization Number 00102001, which was granted by the Secretaria de Hacienda y Credito Publico (SHCP) to invest in the subject project starting in fiscal year 2007. Pemex’s
current investment portfolio includes the continued development and progression of the ATG project, encompassing the required capital investments that are necessary to develop a major part of the proven plus probable reserves. As such, there exists
a high degree of certainty or reasonable expectation that the investments required to develop the proven undeveloped reserves will be expended. Nevertheless, due to the characteristics of the reservoirs that comprise the 29 fields in the ATG project
and the delineation strategies for the non-proven reserves, a large number of the wells to be drilled in the next five years are in the non-proven areas of the project thus resulting in a time period greater than five years in order to drill all of
the 2,726 proven undeveloped locations in ATG assigned by Pemex. As of January 1, 2011 there were also 1,763 active producers in the ATG project. 
 Current costs used by Pemex were held constant throughout the life of the properties. 
 Pemex’s forecasts of future production rates are based on historical performance from wells currently on production. If no production decline trend has been established, future production rates were
held constant until a decline in ability to produce was anticipated. An estimated rate of decline was then applied to depletion of the reserves. If a decline trend has been established, this trend was used as the basis for estimating future
production rates. 
 Test data and other related information were used by Pemex to estimate the anticipated initial production
rates for those wells or locations that are not currently producing. For reserves not yet on production, sales were estimated to commence at an anticipated date furnished by Pemex. Wells or locations that are not currently producing may start
producing earlier or later than anticipated in Pemex’s estimates due to unforeseen factors causing a change in the timing to initiate production. Such factors may include delays due to weather, the availability of rigs, the sequence of
drilling, completing and/or recompleting wells and/or constraints set by regulatory bodies. 
 The future production rates from
wells currently on production or wells or locations that are not currently producing may be more or less than estimated because of changes including, but not limited to, reservoir performance, operating conditions related to surface facilities,
compression and artificial lift, pipeline capacity and/or operating conditions, producing market demand and/or allowables or other constraints set by regulatory bodies. 
 Ryder Scott did not evaluate the country and geopolitical risks in the country of Mexico where all of Pemex’s interests are located. Pemex’s operations may be subject to various levels of
governmental controls and regulations. These controls and regulations may include, but may not be limited to, matters relating to land tenure and use, drilling and production practices, environmental protection, marketing and pricing policies,
various taxes and levies and are subject to change from time to time. Such changes in governmental regulations and policies may cause volumes of proved reserves actually recovered and amounts of proved income actually received to differ
significantly from the estimated quantities. 
 The estimates of proved reserves presented herein were based upon a detailed
study of the properties in which Pemex owns an interest; however, we have not made any field examination of the properties. No consideration was given in this report to potential environmental liabilities that may exist nor were any costs included
by Pemex for potential liabilities to restore and clean up damages, if any, caused by past operating practices. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 8 

 

 Certain technical personnel of Pemex are responsible for the preparation of reserve
estimates on new properties and for the preparation of revised estimates, when necessary, on old properties. These personnel assembled the necessary data and maintained the data and workpapers in an orderly manner. We consulted with these technical
personnel and had access to their workpapers and supporting data in the course of our audit. 
 Pemex has informed us that they
have furnished us all of the material accounts, records, geological and engineering data, and reports and other data required for this investigation. In performing our audit of Pemex’s forecast of future proved production, we have relied upon
data furnished by Pemex with respect to property interests production and well tests from examined wells, normal direct costs of operating the properties, other costs such as transportation and/or processing fees, recompletion and development costs,
product prices based on the SEC regulations, adjustments or differentials to product prices, geological structural and isochore maps, well logs, core analyses, and pressure measurements. Ryder Scott reviewed such factual data for its reasonableness;
however, we have not conducted an independent verification of the data furnished by Pemex. The data described herein were accepted as authentic and sufficient for determining the reserves unless, during the course of our examination, a matter of
question came to our attention in which case the data were not accepted until all questions were satisfactorily resolved. We consider the factual data furnished to us by Pemex to be appropriate and sufficient for the purpose of our review of
Pemex’s estimates of reserves. In summary, we consider the assumptions, data, methods and analytical procedures used by Pemex and as reviewed by us appropriate for the purpose hereof, and we have used all such methods and procedures that we
consider necessary and appropriate under the circumstances to render the conclusions set forth herein. 
 Audit Opinion

 Based on our review, including the data, technical processes and interpretations presented by Pemex, it is our opinion
that the overall procedures and methodologies utilized by Pemex in preparing their estimates of the proved reserves as of December 31, 2010, comply with the current SEC regulations and that the overall proved reserves for the reviewed
properties as estimated by Pemex are, in the aggregate, reasonable and within the established audit tolerance guidelines of 10 percent as set forth in the SPE auditing standards. 

We were in reasonable agreement with Pemex’s estimates of proved reserves for the properties which we reviewed; however, in certain
cases there was more than an acceptable variance between Pemex’s estimates and our estimates due to a difference in interpretation of data or due to our access to data which were not available to Pemex when its reserve estimates were prepared.
In these cases, Pemex revised its estimates to better conform to our estimates. As a consequence, it is our opinion that on an aggregate basis the data presented herein for the properties that we reviewed fairly reflects the estimated net reserves
owned by Pemex. 
 Other Properties 
 Other properties, as used herein, are those properties of Pemex which we did not review, both within the Northern Region and in other Regions. The proved net reserves attributable to the other properties
account for 90.5 percent of the total proved net equivalent barrels of reserves based on estimates prepared by Pemex as of December 31, 2010. 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 9 

 

 The same technical personnel of Pemex were responsible for the preparation of the
reserve estimates for the properties that we reviewed as well as for the properties not reviewed by Ryder Scott. 
 Standards of
Independence and Professional Qualification 
 Ryder Scott is an independent petroleum engineering consulting firm that
has been providing petroleum consulting services throughout the world for over seventy years. Ryder Scott is employee-owned and maintains offices in Houston, Texas; Denver, Colorado; and Calgary, Alberta, Canada. We have over eighty engineers and
geoscientists on our permanent staff. By virtue of the size of our firm and the large number of clients for which we provide services, no single client or job represents a material portion of our annual revenue. We do not serve as officers or
directors of any publicly traded oil and gas company and are separate and independent from the operating and investment decision-making process of our clients. This allows us to bring the highest level of independence and objectivity to each
engagement for our services. 
 Ryder Scott actively participates in industry-related professional societies and organizes an
annual public forum focused on the subject of reserves evaluations and SEC regulations. Many of our staff have authored or co-authored technical papers on the subject of reserves related topics. We encourage our staff to maintain and enhance their
professional skills by actively participating in ongoing continuing education. 
 Prior to becoming an officer of the Company,
Ryder Scott requires that staff engineers and geoscientists have received professional accreditation in the form of a registered or certified professional engineer’s license or a registered or certified professional geoscientist’s license,
or the equivalent thereof, from an appropriate governmental authority or a recognized self-regulating professional organization. 
 We are independent petroleum engineers with respect to Pemex. Neither we nor any of our employees have any interest in the subject properties, and neither the employment to do this work nor the
compensation is contingent on our estimates of reserves for the properties which were reviewed. 
 The results of this audit,
presented herein, are based on technical analysis conducted by teams of geoscientists and engineers from Ryder Scott. The professional qualifications of the undersigned, the technical person primarily responsible for the review of the reserves
information discussed in this report, are included as an attachment to this letter. 
 Terms of Usage 

The results of our reserves audit, presented in report form herein, were prepared in accordance with the disclosure requirements set forth
in the SEC regulations and intended for public disclosure as an exhibit in filings made with the SEC by Pemex. 
 Pemex makes
periodic filings on Form 20-F with the SEC under the 1934 Exchange Act. Furthermore, Pemex files registration statements with the SEC under the 1933 Securities Act into which filings on Form 20-F are incorporated by reference. We have consented to
the references to our name in and the filing of this report as an exhibit to the annual report on Form 20-F of Pemex for the year ended December 31, 2010. Our written consent for such use will be included as a separate exhibit to such Form
20-F. In the event the references to our name as well as references to our report are 

  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS 









 Pemex Exploración y Producción 
 February 18, 2011 
 Page 10 

 

 
incorporated by reference into any registration statement on Form F-4, then our written consent for such use will be included as a separate exhibit to such registration statement. 

We have provided Pemex with a digital version of the original signed copy of this report letter. In the event there are any differences
between the digital version included in filings made by Pemex and the original signed report letter, the original signed report letter shall control and supersede the digital version. 

The data and workpapers used in the preparation of this report are available for examination by authorized parties in our offices. Please
contact us if we can be of further service. 
  

	
	 Very truly yours,

	
	RYDER SCOTT COMPANY, L.P.
	 TBPE Firm Registration No. F-1580

	
	 /s/ Guale Ramirez
 Guale Ramirez, P.E.

	 TBPE License No. 48318

	 Managing Senior Vice President - International



 GR/sm 
  

					
		 	



	  	


  
 RYDER SCOTT
COMPANY    PETROLEUM CONSULTANTS