Crisis for Industry Suppliers: The Week in Oil and Gas

Mexico's Tax Administration Service (SAT) has reportedly frozen the bank accounts of numerous suppliers to PEMEX. In other news, refining operations are showing strength and Mexican authorities are cracking down on fuel theft.

Ready for more? Here is the weekly roundup!

SAT Freezes PEMEX Suppliers' Accounts Amid Mounting Debt Crisis

SAT has reportedly frozen the bank accounts of numerous suppliers to PEMEX. This drastic measure stems from the suppliers' inability to meet tax obligations and other financial commitments, a direct consequence of prolonged non-payments from PEMEX.

Mexico’s Refining Shows Improvement

Mexico’s refining operations showed improvement in May, boosted by the Dos Bocas refinery, which processed 115Mb/d last month. This marks the refinery's highest throughput since it began processing crude in February, following 7Mb/d in February, 103Mb/d in March, and 84Mb/d in April.

Mexico Busts Fuel Theft Ring, Arrests 43, Seizes 2 Million Liters

Mexican authorities have dismantled a significant fuel theft network in a coordinated operation resulting in 43 arrests across Coahuila, Queretaro, Mexico City, and the State of Mexico. The raids, conducted by federal and local security forces, mark one of the largest hydrocarbon seizures in recent years, with nearly 2 million liters of illicit fuel recovered.

TC Energy Begins Southeast Gateway Pipeline Toll Collection

TC Energy Corporation has commenced collecting tolls from CFE for the Southeast Gateway natural gas pipeline. The company confirmed that CFE made its May payment on time, as per the contract.

OTM Begins Pre-Startup Tests at Valero’s Altamira Fuel Terminal

Operadora de Terminales Marítimas (OTM), a subsidiary of Grupo MexPlus, has begun pre-startup testing at Valero’s new distribution terminal in Altamira, Tamaulipas, as part of its commissioning process. In the coming days, three Valero vessels carrying regular gasoline, premium gasoline, and ultra-low sulfur diesel are expected to arrive at the Port of Altamira to support the pre-operational phase of the terminal.

Oil Spill Forces Water Shutdown in Veracruz; Cleanup Underway

Days after an oil spill from a damaged gas duct in Xicotepec de Juarez, Puebla, contaminants reached the Cazones River in Veracruz, prompting the municipalities of Poza Rica and Coatzintla to shut off their potable water supply. The spill, which occurred on Friday, June 20, initially affected the San Marcos River in Puebla before flowing downstream into Veracruz.

PEMEX Crude Exports Drop 26% in May, Revenue Falls 43%

According to official PEMEX data, the NOC exported approximately 674Mb/d of crude oil in May 2025, marking a 26% decline from the 910Mb/d exported in May 2024. Correspondingly, oil export revenues fell sharply, from around US$2.1 billion last May to US$1.2 billion this year, a 43% drop equating to a loss of US$900 million. This revenue decline is primarily attributed to lower oil prices, with the Mexican Oil Mix falling from US$73/b in May 2024 to US$57/b in May 2025.

Transition Industries Advances Mexico's Mexinol Project

Transition Industries LLC has signed an Engineering, Procurement, and Construction (EPC) contract for the Pacifico Mexinol project in Ahome, Sinaloa, Mexico, jointly developed by Transition Industries and the International Finance Corporation (IFC), a member of the World Bank Group.

Urbanus Energy Enters Mexico’s Fuel Market With Expansion Plan

Mexican-owned Urbanus Energy has officially entered the country’s competitive fuel market with the opening of its first gas station in Ciudad Nezahualcoyotl, part of the greater Mexico City area. The company plans to open 11 additional stations across key locations including Tlalpan, Gustavo A. Madero, Alvaro Obregon, Venustiano Carranza, and Toluca in the coming months.

Harbour's Kan Fuels Major Growth in Mexican Offshore Portfolio

Earlier this year, Harbour Energy successfully appraised the Kan discovery in Block 30 offshore Mexico, significantly increasing its estimate of oil-in-place to 500MM/d. This makes Kan one of the largest offshore discoveries in Mexico since Zama in 2017.

CNDH Cites PEMEX Negligence in Tlahuelilpan Tragedy

Mexico's National Human Rights Commission (CNDH) has released a special report regarding the Jan. 18, 2019, fire at a PEMEX clandestine pipeline tap in Tlahuelilpan, Hidalgo. The report attributes responsibility to PEMEX, citing structural negligence in the incident that resulted in 138 fatalities and 13 injuries.