Woodside and PEMEX sign MOU for Gulf of Mexico deepwater exploration

Woodside Energy and Petróleos Mexicanos (PEMEX) have signed a non-binding Memorandum of Understanding (MOU) to explore potential hydrocarbon extraction opportunities in the deep waters of the Gulf of Mexico. The agreement focuses on analyzing future prospects and facilitating the exchange of technical knowledge and industry best practices.

The partnership builds upon the ongoing development of the Trion Oil Project, located approximately 180 kilometers off the Mexican coast. As Mexico’s first ultra-deepwater development, Trion is situated in 2,500 meters of water and is expected to reach first oil in 2028. The project represents a forecast total capital investment of $7.2 billion and is projected to contribute over $10 billion in taxes and royalties to Mexico throughout its lifespan.

Woodside currently serves as the operator of the Trion project with a 60% participating interest, while PEMEX holds the remaining 40%.