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BHP Billiton has entered a contract with PEMEX Exploration & Production Mexico (Pemex) to complete development work at Trion discovery in offshore Mexico.

The agreement comprises of a commitment to deliver a minimum work programme, which includes drilling of an appraisal well, one exploration well, and additional seismic data acquisition.

During the agreement signing ceremony, Mexico President Enrique Peña Nieto said: “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.”

BHP Billiton CEO Andrew Mackenzie added: “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.”

"Pemex estimates that gross recoverable resources from this field will be approximately 485 million boe."

In December last year, BHP Billiton won the resource through a bidding process. After development, this field is expected to become one of the prominent resources in Gulf of Mexico.

BHP Billiton owns 60% participating interest with the operatorship of blocks AE-0092 and AE-0093 containing the Trion discovery in the deepwater Gulf of Mexico. Pemex holds the remaining 40% interest in these blocks.

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Pemex estimates that gross recoverable resources from this field will be approximately 485Mboe.

BHP Billiton secured the Trion discovery by paying cash consideration of $62.4m with the commitment to meeting the minimum work programme that requires an additional funding of $320m.

Image: Mexico President Enrique Peña Nieto, BHP Billiton CEO Andrew Mackenzie and Pemex CEO José Antonio González Anaya (from left to right). Photo: courtesy of BHP Billiton.