Just a few days after the execution of a historic contract between BHP Billiton and Pemex to start work on the Trion discovery in offshore Mexico, the two firms’ execs held a press conference in Houston, presenting the project.
Offshore Energy Today’s reporter was there to record the whole presentation, which you can watch in the video above.
The Trion project has been deemed historic as it marks the seismic shift in Mexico’s energy policies, opening the country’s energy sector to foreign investments after decades of Pemex’s monopoly.
Pemex CEO said he was happy about the historic milestone, and the fact that the company now, for the first time, has a partner with whom it can shared risk, equity, and upsides on the projects, something it didin’t have for 80 years, due to the Mexian laws at the time.
The Pemex CEO said the 500 million barrels project would require an enormous, multi-billion dollar investment over the course of the next 20 years.
So, he said, for us to do this and align ourselves with best practice, the way the rest of the oil companies in the world do it, is a tremendous milestone for Pemex.
In December 2016, BHP Billiton successfully bid on the resource that, once fully appraised, is expected to be in the top 10 fields discovered in the Gulf of Mexico in the last decade.
BHP now holds 60% interest in the discovery and the remaining 40% will be retained by the Mexican company.
To start things off, the agreement includes a commitment to deliver a minimum work program, which consists of drilling one appraisal well, one exploration well and the acquisition of additional seismic data.
Image and Video by Bartolomej Tomić