Pemex budget cuts poses risks for oil sector’s creditors

Antonio Borja, Paulo Valois, José Virgílio Lopes Enei and Germán Villamil-Pardo

The falling price of oil worldwide has put pressure on the finances of Mexican state-run oil company Pemex, sparking fears from oil sector financiers that the explorer could walk out of servicing contracts earlier than expected, heard delegates attending Latin Lawyer’s 6th Annual Oil and Gas Conference, held last Friday in Rio de Janeiro.