Original news was published on 29 September, 2014

Deepwater drilling today, onshore shale gas later

BHP Billiton and Pemex signed a memorandum of understanding to exchange technical knowledge, information, experiences and practices in activities related to the oil and gas industry. Mexico recently passed legislation to open its offshore drilling development to foreign companies.

“We see considerable opportunity in Mexico following the recent economic reforms, and we are excited about the deepwater and the extension of the Paleogene play into the Perdido play,” BHP Billiton Petroleum and Potash president Tim Cutt said in a statement.

He said any fiscal terms would be finalized by early next year after a series of bidding rounds take place for the Perdido play. The oil and gas industry is now waiting to find out the final terms to develop up to 16 leases in the region. BHP Billiton and Pemex are also considering onshore shale gas opportunities in Mexico, according to Australian media reports.

*NEWS SOURCE