AMESPAC Expresses Disappointment With New PEMEX Plan

Mexico's Association of Oil Service Companies (AMESPAC) expressed disappointment with PEMEX's new plan, stating it lacks concrete measures to address a massive debt with suppliers. According to AMESPAC President Rafael Espino, a recent meeting with government and PEMEX officials did not specify how debts for work done in 2024 and 1H25 would be paid.

AMESPAC told Reuters that debt amounted to about MX$65 billion (US$3.49 billion) for work that had not yet been invoiced as of the end of June. He noted that if the company has to wait for future cash flow to pay these debts, they will continue to go unpaid, with an immediate impact on production.

Officials at the meeting said PEMEX would speed up payments, not let invoices age beyond two months, and expect to have more cash available. PEMEX has supplier debts of approximately US$23 billion and a financial debt of nearly US$100 billion. The debts have continued to accumulate, leading to a payment crisis for service providers. AMESPAC is seeking to establish a formal working group with authorities to understand the rules, timeline, and eligibility for the new 2025 investment vehicle and its associated service payments. The association argues that paying off outstanding debts is necessary to reactivate idled equipment and help meet Mexico's national crude production target of 1.8MMb/d as outlined in its plan.