Project Profile
Value: US$18.5 billion
Location: Mexican side of the Perdido area in the deepwater Gulf of Mexico (GoM)
Reserves: 485 million barrels of commercial reserves
Production: 120,000 bpd by 2025
Water depth: ~2,500m
Discovered: 2012
First Oil: 2023
The Trion field is located on the Mexican side of the Perdido area in the deepwater Gulf of Mexico (GoM). The field is part of a larger area of oil deposits known as the Perdido trend. The project was discovered in 2012 and is thought to contain about 485 million barrels of commercial reserves. It is expected to cost about US$11 billion to develop the field, with capital expenditures of US$7.5 billion. First oil is forecast for 2023 and operators are expecting the field to be producing around 120,000 bpd by 2025.
Pemex signed its first farm-out agreement for the Trion field with BHP Billiton on March 3 2017. Under the terms of the agreement, BHP has a 60% participating interest in and operatorship of blocks AE-0092 and AE-0093, which contain Trion. BHP-Pemex deal becomes the first-ever joint venture to work in Mexico\'s highly prospective deepwater zone.
BHP\'s bid included an upfront cash payment of US$62.4 million and an estimated US$320 million initial commitment for the minimum work programme. The minimum work programme consists of drilling one appraisal well, one exploration well and the acquisition of additional seismic data.
Operators:
BHP Billiton: Operator with 60% interest
Pemex: 40% interest
Contractors:
CGG: Seismic shoot carried out by eight vessels. (February, 2017)