Pemex faces payment crisis as oil service companies report massive debts

The Mexican Association of Oil Service Companies (Amespac) has issued a public complaint regarding significant payment irregularities by Petróleos Mexicanos (Pemex). The association, which represents 49 major national and foreign hydrocarbon exploration and extraction service providers, reports that substantial debts from 2024 remain unresolved.

According to Amespac, these outstanding amounts include overdue invoices and completed work estimates that have been unable to be processed through Pemex’s ‘Copade’ payment and discount system. While debts for 2025 and 2026 were partially addressed through the ‘Onyx’ mechanism—implemented by the federal government via Banobras and the Pemex Treasury—the 2024 arrears lack explanation.

The association stated that the situation has caused great uncertainty and severely affected the national industry's value chain, potentially compromising current hydrocarbon production processes. For the majority of Amespac's members, the debt exceeds 27,240 million pesos, which is approximately 1,553 million U.S. dollars. This financial strain is forcing several member companies listed on international stock markets to reflect these debts in their financial reporting.