BHP Billiton Partners with PEMEX

American depository shares of BHP Billiton were sliding pre-market Monday even though the company reported over the weekend that it signed an agreement with Mexico’s PEMEX to develop the Trion oil field that was discovered in the Gulf of Mexico.

Under the agreement, the companies will deliver a minimum work program, which consists of drilling one appraisal well as well as one exploration well and the acquisition of additional seismic data.

Once the Trion discovery is fully appraised, it is expected to rank as one of the top 10 fields discovered in the Gulf of Mexico over the last decade, BHP Billiton noted.

By Bucky Rini