After months of anticipation for PEMEX’s first ever farm-out, CNH named BHP Billiton as the NOC’s future operating partner for the ultra-deepwater Trion block in December 2016. Hailed as a watershed moment for the Energy Reform, the partnership will provide PEMEX with the funds, technology and expertise to exploit Trion’s estimated 485 million bpd of crude oil. PEMEX’s 2017-2020 business plan sets out ambitious targets for more farm-outs and the industry is eagerly awaiting activity to begin in Trion for hints on what working with the renovated state-owned giant will entail.

The significance of December’s result for PEMEX, Mexico and the Energy Reform cannot be underestimated. In this chapter, the Trion block is examined in depth, as well as the announcement of new farm-outs and the potential for similar projects in the future to help the former Mexican oil and gas monopoly recover from years of low yields and declining output.