Mexico has reportedly placed $12bn (224.29bn pesos) in a debt offering aimed at supporting Petroleos Mexicanos (Pemex), the country's state oil producer, according to a Reuters report, citing the country’s Finance Ministry.

The Finance Ministry announced the move, which involved pre-capitalised securities, or P-Caps, to address Pemex's financial obligations and upcoming debt payments for 2025 and 2026.

The demand for the dollar-denominated securities was robust, with total interest reaching $23.4bn, which allowed Mexico to exceed its initial $10bn target.

President Claudia Sheinbaum's administration is committed to bolstering Pemex's financial situation, as the company is burdened with substantial debts to suppliers and creditors, amounting to $98.8bn in financial debt and $22.79bn owed to providers by the end of the second quarter.

To achieve a production goal of 1.8 million barrels per day, Pemex executives have acknowledged the necessity for mixed contracts with private companies and ongoing government support.

Earlier in March, Pemex reportedly sought financing from businessman Carlos Slim to fund development projects in two significant oil and natural gas fields.

Negotiations are under way for a joint operating agreement in the Zama offshore field. Slim who is also considering a stake in the Ixachi onshore natural gas field, is potentially providing the investment needed for Pemex's share.

Additionally, Pemex is planning a corporate restructuring to cut costs and enhance efficiency.

The strategy includes eliminating 3,114 tenured positions, approximately 28% of its operational personnel budget for the year, according to the company’s documents.

This proposal is expected to save around 10.5bn pesos, contributing to the company's efforts to stabilise its finances and increase oil production.