Mexico’s state oil firm Pemex says it should start exploration at the Trion light oil field this year with a hoped-for production target year of 2023.
The deep-water field is in the Perdido Fold Belt, which covers 40,000 square kilometres in the western part of the Gulf of Mexico.
Pemex is developing the field as 40% stakeholder in a joint venture with international partners BHP Billiton’s Mexico unit. BHP will be the operator as well as the majority stakeholder with a 60% share.
It is the first farmout deal Pemex has done since it began relinquishing its monopoly position on Mexican oil production to comply with government reform of the energy sector.
BHP won the bid to be Pemex’s foreign partner in this project at auctions in December 2016.