Egypt’s Cheiron Holding Company won the right to partner with PEMEX, a Mexican company, to develop the Cardenas-Mora project in Mexico, Reuters reports.

The Cardenas-Mora field is located in the Mexican state of Tabasco. With an area of more than 168 square kilometers, it is estimated to contain approximately 93 million barrels of oil equivalent (boe) in reserves.

This joint venture is only the second joint venture by PEMEX for the development of Mexico’s energy resources after market liberalizations in 2014 permitted the company to partner with private companies, according to E&P Magazine.

PEMEX is a state-owned oil company in Mexico. It is a fully integrated oil company that participates in the exploration, production, processing, transportation, and marketing of oil products, according to its website.

Cheiron Holding Company is a subsidiary of Salah Diab’s PICO Group. The PICO Group has holdings in agriculture, petroleum, media, and real estate.