BHC Billiton wins bid to partner with Pemex in Trion field

Australian oil firm BHC Billiton won the right to team up with Pemex in the offshore Trion oilfield after placing the highest bid on 5 December 2016 (Aristegui). BHP Billiton and BP Exploration both presented bids featuring the maximum 4 percent royalty, however Billiton offered US$624 million for investment, higher than the US$605.9 million figure proposed by BP (Aristegui). Pemex Director José Antonio González Anaya revealed oil production from Trion was set to begin in 2023 and would reach a 120,000 barrel per day capacity by 2025. BHC Billiton will hold 60 percent of the joint venture while Pemex will be responsible for 40 percent (El Universal). Trion is one of the largest fields in Pemex’s portfolio with estimates calculating the equivalent 485 million barrels of potential oil resources (Aristegui).