BHP Billiton
(ASX:BHP) has won a bid to acquire a 60% stake in the Trion oil field, located in the Gulf of Mexico. The other 40% stake will be owned by Pemex, Mexico’s state petroleum firm.
As the winning bidder, BHP is obliged to invest at least US$570 million into this oil exploration project.
This deal is expected to boost Mexico’s weakening oil sector, which was affected by a fall in oil prices worldwide.
Pemex estimates that the Trion oil field holds up to 458 million barrels of crude oil – however, not all of them are proven resources. Pemex also says it’s hoping the Trion field will produce about 120,000 barrels per day by the year 2025.
BHP Billiton posted a net loss of $8.4 billion at 30 June 2016.
