Oilfield Service Firms in Mexico Concerned About Pemex’s Debt
By Ana Isabel Martinez and Adriana Barrera
MEXICO CITY (Reuters) – The head of an association representing global oilfield service firms in Mexico expressed concerns about the new business plan for state oil company Pemex. Despite promises to accelerate payments to suppliers, Rafael Espino, president of the AMESPAC association, stated that the plan lacks specific measures to address the company’s massive debt with suppliers.
During a meeting with officials from the finance and energy ministries and Pemex, Espino highlighted the absence of a concrete strategy to pay off debts for work completed in 2024 and the first half of 2025. As of June, AMESPAC members were owed approximately 65 billion pesos ($3.49 billion) for services that have not yet been invoiced.
Espino expressed disappointment over the lack of clarity regarding the 2024 debts. He emphasized the urgent need for payment to prevent a negative impact on production. While officials mentioned plans to expedite payments and prevent invoices from aging beyond two months, Espino emphasized the importance of understanding the rules and eligibility criteria for the new 2025 investment fund.
Pemex currently faces supplier debts of around $23 billion and financial debt close to $100 billion. Despite receiving government support, the company’s outstanding debts have continued to grow, leading to a payment crisis for service providers.
AMESPAC members, including energy giants like Baker Hughes, Halliburton, Weatherford, and SLB, as well as Grupo Mexico, have raised concerns about the delayed payments. Grupo Carso, owned by Carlos Slim, reported over $700 million in unpaid services by Pemex, with some debts dating back two years.
The association stressed the importance of settling outstanding debts to reactivate equipment and support Mexico’s national crude production target of 1.8 million barrels per day. With Pemex playing a crucial role in achieving this goal, timely payments to suppliers are essential for the industry’s growth and stability.
As the industry awaits further details on the new payment plan, service providers are hopeful for a resolution that addresses their financial concerns and supports the sustainable growth of Mexico’s oil and gas sector.
