Pemex says Trion field approved as first farm out

The board of Mexican state oil company Pemex has authorized the process of launching the first so-called farm out as part of the opening of the local oil and gas industry, chief executive José Antonio González Anaya said on Friday.

The planned tie-up will be in the Trion field in the Perdido area near the U.S. border, he told a news conference. It was likely that the operating company would not be Pemex, he added.

Energy Minister Pedro Joaquín Coldwell said the contract for the deep water farm out would be a license.