Woodside Energy has signed a non-binding Memorandum of Understanding with Petróleos Mexicanos (PEMEX) to explore potential future opportunities for hydrocarbon exploration and extraction in the deep waters of the Gulf of Mexico, as well as to exchange technical knowledge and best practices. The MOU was signed in Mexico City following a meeting between Woodside CEO Liz Westcott and PEMEX CEO Juan Carlos Carpio Fragoso. The agreement builds on their existing collaboration on the Trion Oil Project, which is located about 180 kilometers off Mexico's coast and is set to become Mexico's first ultra-deepwater development, with first oil targeted for 2028. As of June 30, 2026, Trion was 64% complete, with a forecast total capital investment of US$7.2 billion, and is expected to contribute more than US$10 billion in taxes and royalties to Mexico over its life. Woodside holds a 60% participating interest in Trion and operates the project, while PEMEX holds the remaining 40%.
Woodside Energy Group LtdPEMEX signed an MOU with Woodside to explore new deepwater Gulf of Mexico hydrocarbon opportunities, expanding its upstream project pipeline.
