Mexico picks BHP Billiton for first oil farmout with Pemex

Australia's BHP Billiton on Monday won the contest to partner with Mexican state oil company Pemex in a joint venture to develop a deep water field in the country's untapped Gulf waters.

A local unit of BHP Billiton won the rights to tie-up with Pemex on its light oil Trion field, less than 50 miles (80 km) from the U.S.-Mexico maritime border.

BHP outbid Britain's BP, the only other company that participated, with a US$624 million offer to complement its royalty bid, the country's oil regulator said.