BHP Billiton is considering a bid for deepwater Mexican acreage, according to the Australian Financial Review, who understands that the mining conglomerate has a team of up to 50 people assessing the situation.

The Australian Financial Review reports that “the company is understood to be still examining the geology of the blocks on offer and the terms and conditions that will apply for petroleum operations in Mexico to decide whether to proceed with a bid.”

The company has been steadily building up its Gulf of Mexico ties. Last week, the company announced positive drilling results at its Caicos deepwater exploration well, located in Green Canyon block 564.

Previously, in June, it named the Gulf of Mexico as one of three conventional deepwater basins it had identified as a deepwater exploration focus. There, it currently operates the Shenzi project and participates in Atlantis and Mad Dog.

In late 2014, the company signed a memorandum of understanding with PEMEX to exchange technical knowledge, information, experiences, and practices related to the oil and gas industry.

On signing the MOU, BHP Billiton Petroleum and Potash president, Tim Cutt, said: “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.”