BHP Billiton partners Pemex in Gulf of Mexico exploration

BHP Billiton partners Pemex in Gulf of Mexico exploration

BHP Billiton (ASX:BHP) has signed a contract with Mexican state-owned firm PEMEX Exploration & Production Mexico (Pemex), which will advance work on the Trion discovery in the Gulf of Mexico.

The Anglo-American company submitted a successful bid to work on the resource in December 2016, acquiring a 60% interest, with Pemex maintaining its interest in the rest of the Trion discovery.

After appraisals are fully completed, the Trion resource is expected to rank amongst the top 10 fields discovered in the Gulf of Mexico over the last decade.

BHP Billiton CEO, Andrew Mackenzie said: “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 was joined at the signing ceremony by Pemex’s director general, José Antonio González Anaya and the President of Mexico, Enrique Peña Nieto.

Peña Nieto added: “I want to thank BHP Billiton for being Mexico’s partner in this journey that, I am certain, will yield greater development for our country.”

@RGNonline