Mexico: Pemex Launches New Financial Plan 'Orion 2' to Pay Off Debts

Last week, opinions were divided regarding changes in Mexico's energy sector. However, one of the major outstanding issues is finance. Petróleos Mexicanos (Pemex) carries multi-million dollar debts to contractors, although under Claudia Sheinbaum's administration, a path was structured for the financial recovery of the state-owned company, which is still long. The plan was named Orión, a mechanism coordinated by Pemex, the head of Banobras, Jorge Mendoza, and Edgar Amador, current Secretary of Finance and Public Credit. Through this, 250 billion pesos were allocated to reduce the debt with service providers. The funds only covered the work and services executed in 2025, meaning the debt for 2024 and previous years remains unpaid. What is the 'Orion 2' plan that Sheinbaum's administration is preparing? According to information from journalist Jeanette Leyva Reus, published in her column 'Recover Pemex', the Mexican government and Pemex are preparing a new strategy to pay contractors. Just over six months after the launch of the first payment scheme, high-level officials from the three agencies (Pemex, Finance, and Banobras) are already working on a second financial vehicle baptized as 'Orion 2'. The columnist for El Financiero explains that this plan seeks a new capital raising from the commercial banking sector and institutional investors. However, journalist Jeanette Leyva raises a fundamental question about the viability of the energy sector in the short term. It is still unclear whether the resources from 'Orion 2' will be allocated to cover the massive historical debt left by the previous government, or if they will be used to support the exploration, extraction, and production projects announced for this year. Furthermore, she emphasizes that beyond the new plans, the operational reality of Pemex remains fragile. The company faces low liquidity for its daily operations, which prevents the maintenance of infrastructure and the modernization of equipment. A situation that, if not resolved, could trigger a new operational crisis in Mexico's entire oil sector. Payments will be conditioned on a prior validation of contracts and invoices, a responsibility that will fall on the team of Víctor Rodríguez Padilla, Pemex's director. The 'Orion 2' mystery raised by Jeanette Leyva. Meanwhile, Edgar Amador will be responsible for designing the new financial life raft for Pemex. While contractors will have to 'get in line' to receive their payments. In addition, the implementation of review filters is also expected.