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Hogan Lovells Advises PEMEX in Agreement with BHP Billiton to Develop Deep-Water Trion Block, a US$14 Billion Project

13 March 2017

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Maria Woehr

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+1 212 918 6154

New York, 13 March 2017 – Hogan Lovells represented Petróleos Mexicanos (Pemex), a Mexico-owned exploration and production company, in an agreement with Australian multinational mining, metals, and petroleum company BHP Billiton Ltd. to develop the deep-water Trion Block. BHP won a bid for the agreement to partner with PEMEX on Trion in December 2016.

Trion is Pemex's first exploration and production farm out project in association with a foreign company. The development of the project could require an investment of US $US14 billion in total.

The Trion Block is expected to be in the top 10 fields discovered in the Gulf of Mexico in the last decade. Trion has a depth of more than 2,500 meters, and is located 200 kilometers east of Matamoros, Tamaulipas, and 40 kilometers from the maritime boundary of the Gulf of Mexico. It is estimated that primary production will begin in six or seven years, with more than 100,000 barrels of crude oil equivalent per day.

Hogan Lovells advised on the bidding process and agreement for the venture. The team included Mauricio Fuchs, Perla Diaz, and Carlos Ramos.

About Hogan Lovells

Hogan Lovells is a leading global legal practice providing business-oriented legal advice and high-quality service across its exceptional breadth of practices to clients around the world.

"Hogan Lovells" or the "firm" is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP. For more information, see www.hoganlovells.com.

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