Pemex Freezes New Contractor Deals as It Works Out $20B Owed to Suppliers

From rigzone.com

Mexican state oil company Petroleos Mexicanos is putting a freeze on new contracts with service providers as the company works to pay off the roughly $20 billion it owes suppliers. The temporary halt by Pemex’s exploration and production arm applies to new agreements with contractors that haven’t been previously formalized, according to an internal company document seen by Bloomberg. The freeze follows the publication of Mexico’s draft 2025 budget, which allocates less money for Pemex’s exploration and production, according to the document, dated Nov. 25 and signed by Nestor Rodriguez Romero, the company’s ... (full story)