BHP Billiton
(ASX:BHP) has signed a deal with Mexican state-owned petroleum company, Pemex, at the Official Residence of the Mexican president in Mexico City.
The ceremony was attended by Mexican president Enrique Peña Nieto, BHP CEO Andrew Mackenzie, and Pemex director general José Antonio González Anaya.
Under this contract, the companies will advance their production interests in the Trion discovery, located in in the deepwater Gulf of Mexico. In particular, they have committed to delivering a Minimum Work Program, which consists of drilling one appraisal well, one exploration well and acquiring additional seismic data.
Last December, BHP acquired a 60% stake the resource, with the remaining 40% stake retained by Pemex.
Trion has an estimated recoverable resource of 45Mmboe. It is also expected to become one of the top 10 fields discovered in the Gulf of Mexico in the last ten years.
Yesterday, shares in BHP closed 1.62% higher at $25.75. The company posted an underlying net profit of $3.24 billion in 1H FY17.
