Sector Calls for Debt Settlement: The Week in Oil and Gas

The Mexican Association of Oil Services Companies (AMESPAC) urges PEMEX, SENER, and SHCP to resolve the NOC’s mounting debt with suppliers, highlighting the financial strain on service providers and regional economies.

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AMESPAC Calls for Supplier Debt Resolution

The Mexican Association of Oil Services Companies (AMESPAC) has issued a formal request to PEMEX, the Ministry of Energy (SENER), and the Ministry of Finance and Public Credit (SHCP) for a reliable payment schedule to address outstanding debts. This request comes as PEMEX’s unpaid obligations continue to exert significant financial pressure on service providers and the regional economies where they operate.

Trump's Tariffs Raise Concerns for Oil and Gas

President-elect Donald Trump’s proposed tariffs on goods from Mexico, Canada, and China have sparked concern among oil lobbying groups and various industries. Trump's plan to impose a 25% tariff on imports from these countries, starting on Jan. 20, aims to address illegal immigration and drug trafficking. However, this policy could substantially increase costs for American businesses and consumers, and ultimately alter relationships potentially hurting businesses, according to Mexico’s president Claudia Sheinbaum.

Government Grants PEMEX Extension for DUC

President Claudia Sheinbaum’s government issued a fiscal relief package for PEMEX to bolster the company's liquidity. This move, however, will reduce government revenues from oil rents. 

Moody’s Sees Risk for PEMEX With New Government Strategies

Moody’s has identified significant credit risk for PEMEX under the new administration of Claudia Sheinbaum, highlighting two potential scenarios. In its recent report, the rating agency emphasizes the financial challenges faced by the state oil company, suggesting that continued government support will continue to be crucial to address PEMEX's debt obligations and liquidity needs.

Government Addresses Oil Hedge, Prices

Rogelio Ramírez de la O, Minister of Finance (SHCP), addressed potential volatility in oil prices for 2025 amid global uncertainties, including conflicts in Ukraine and Gaza, as well as the impending presidency of Donald Trump in the United States.