Adriana Barrera
(Reuters) – Mexico’s state energy company Pemex’s mounting debts with oil service providers and private oil and gas producers threaten production, investment and even the survival of its suppliers, an industry group warned. .
The company revealed that it owed about 297 billion pesos ($17.22 billion) to domestic and foreign companies as of the end of September, in addition to financial debts of more than $105 billion.
In a letter to the government seen by Reuters, Amexi, a trade group for private oil operators, said in a letter to the government seen by Reuters this week that Pemex’s reluctance to pay could threaten not only production but also projects already underway and the very survival of some companies. warned that it was under threat.
Amexi’s letter to Energy Minister Miguel Ángel Maciel and Finance Minister Rogelio Ramírez de la O expressed concern about what he called a “crisis situation” caused by Pemex’s debt. .
Amexi, which represents the interests of both local and foreign companies, called on ministers to take action.
Amex, the Ministry of Finance, the Department of Energy, and Pemex did not respond to requests for comment.
Those concerns were echoed by Amepac, another industry group whose members include some of the world’s largest oil services companies. This week, it asked Pemex to make its members pay at least some of their debts by Dec. 15.
“Some of the affected companies have formally notified Pemex of the financial impact of these delays,” the widely shared letter said, adding that failure to pay “could have a significant impact on domestic hydrocarbon production.” “It will have an impact,” he warned.
In October, Pemex announced that it owed $529 million to Halliburton, $474 million to SLB (formerly Schlumberger), and $311 million to Baker Hughes. It was announced that there is.
SLB acknowledged that it was “experiencing payment delays” from a major customer in Mexico whose debts were not in dispute. It did not name the debtor, but added that it was “coordinating activity levels with customers on specific projects” and would work together to resolve delays.
Halliburton and Baker Hughes did not immediately comment.
Under President Andrés Manuel López Obrador, who took office in 2018, Pemex has received more than $70 billion worth of cash injections, tax breaks and debt repayment assistance.
Pemex also revealed more than P96 billion in unpaid invoices in the same debt report. The company owes about $90 million to Fieldwood Energy and its partner Petroval and about $127 million to Hokuchi Energy. His Hokchi and Fieldwood, two major local producers, both sell their produce to his Pemex.
The companies won the oil contracts during a landmark energy reform under López Obrador’s predecessor, Enrique Peña Nieto, that opened the industry to private investment, expertise and technology.
“Most operators have no choice but Pemex,” said an industry source who asked not to be named.
In Mexico, only a few companies have permits to export and sell their produce to Pemex.
“Having an alternative would make it easier for carriers to pivot and sell to other customers,” the official added.
Hokuchi Energy announced in September that it had notified Pemex that it had begun a dispute resolution process after the state giant failed to pay $190 million in sales fees for oil and gas. Hokuchi declined further comment. Fieldwood Energy and Petroval did not respond.
(Reporting by Adriana Barrera; Additional reporting by Liz Hampton, Colorado; Editing by Chizu Nomiyama)
