Houston, (Reuters) .- The American oil service provider Halliburton said that decline in the production of oil of Mexico generates pressure for a business reactivation, amid long delays by Pemex in the payment to its suppliers.
The production of crude and condensate of Pemex, the largest producer in the country, fell 8.4% in May 1.64 million barrels per day, according to official figures.
Petroleum service companies have significantly reduced their activities due to the lack of payments by Pemex, the most indebted energy company in the world.
Halliburton said that the problems related to Pemex payments have not yet been resolved.
Last week, the largest rival services firm, SLB, said the Government and Pemex must address critical problems before there may be a recovery.
“We believe that we are there. Now we are only waiting to see what will be the next steps that could help release the value of assets in Mexico and allow Pemex’s dynamics to recover from this,” said the executive director of SLB, Olivier Le Peuch, during the company’s results call.
He added that SLB is ready to work closely with Pemex to solve problems.
Last month, the Mexican Association that brings together foreign oil services companies warned that many of these firms could have to stop operations as soon as in July.
LEE: They foresee fall in oil production in Mexico by 2025 and 2026
Pemex has a pending debt with an extensive list of suppliers and contractors of approximately 20,000 million dollars, in addition to its financial debt of 101,000 million dollars, despite the billions of dollars of the government in recent years to cover amortizations.
Lee: Hacienda seeks to give oxygen to Pemex with bond sale
In a June letter, the Mexican Association of Petroleum Services Companies urged Pemex to process and release the billing for services provided last year; guarantee a regular turnover and timely payment for this year’s services, and design a payment plan to settle all historical debts with companies in the sector.
The oil services sector in Mexico has been significantly reduced due to the lack of PEMEX payments, the association said, added that it will not be able to guarantee operational continuity due to cash flow problems.
Halliburton, who reported his profits from the second quarter on Tuesday, said he hopes that his annual international income will decrease in an average digit, year after year, mainly due to the reduction of activities in Saudi Arabia and Mexico.
Inspy, discover and share. Follow us and find what you are looking for on our Instagram!
