BHP signs deepwater deal with Mexico’s Pemex

BHP Billiton has linked up with Mexican state oil giant Pemex to exchange expertise in deepwater operations in an alliance it hopes will give it a headstart over its rivals into the Central American country’s liberalising oil and gas sector.”We obviously wouldn’t be hear if we didn’t think the relationship would extend beyond the exchange of technical data,” BHP’s petroleum and potash president, Tim Cutt, said on a teleconference from Cancun, after signing the deal with Pemex chief executive Emilio Lozoya.”Once we get the data once we understand the fiscal regime, we’ll be able to actually move quite quickly… We see this as a long-term opportunity for us and we want to give it a real good shot.”Mexico passed ambitious energy reform laws earlier this year opening up the oil and gas sector and removing the monopoly that Petroleos Mexicanos, known as Pemex, had in the industry. The first round of oil and gas exploration licences is due in 2015 and international players have been lining up for a wealth of opportunities expected to arise in the resource-rich nation.

via BHP signs deepwater deal with Mexico's Pemex.

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