BHP Billiton has signed a contract with Pemex Exploration & Production Mexico to finish work on the Trion discovery in the deepwater Gulf of Mexico.
BHP secured a 60 per cent interest in the resource in December last year with Pemex retaining the remaining 40 per cent stake.
Trion has an estimated recoverable resource of 45Mmboe and, after full appraisal, is set to become one of the top 10 fields discovered in the Gulf of Mexico in the last 10 years.
The new agreement includes the delivery of a Minimum Work Program, which consists of drilling one appraisal well, one exploration well and the acquiring additional seismic data.
The signing ceremony was held at the Official Residence of the president in Mexico City on Saturday, attended by Mexican president Enrique Peña Nieto, BHP CEO Andrew Mackenzie, and Pemex director general José Antonio González Anaya.
Mackenzie said the agreement was an historic moment for Mexico and the start of a new partnership between Pemex and BHP.
“It is an honour to be the first foreign company to partner with the people of Mexico in developing their significant petroleum resources for mutual benefit,” Mackenzie said.
Peña Nieto said the partnership with BHP will bring greater development for the country.
BHP president operations petroleum said the agreement aligned with the company’s plans to conduct oil exploration and development of deep water oil resources.
‘‘We have a long history as a top operator in the Gulf of Mexico and we are excited to bring our operational expertise to the partnership with Pemex,” Pastor said.