Woodside Energy and PEMEX have signed a non-binding memorandum of understanding to assess potential future hydrocarbon exploration and extraction opportunities in the deep waters of the Gulf of Mexico.
The agreement also provides for the exchange of technical knowledge, experience and industry practices in the oil and gas sector.
The MOU was signed in Mexico City following a meeting between Woodside Energy CEO Liz Westcott and PEMEX CEO Juan Carlos Carpio Fragoso.
The two companies are jointly developing the Trion Oil Project. Woodside Energy holds a 60% participating interest and serves as operator, while PEMEX holds the remaining 40%.
Trion is located about 180 km off Mexico’s coastline and 30 km south of the US-Mexico maritime border in water depths of 2,500 m. First oil is targeted for 2028.
The project was 64% complete as of 30 June 2026 and has a forecast total capital investment of $7.2 billion. Over the life of the project, Trion is expected to contribute more than $10 billion in taxes and royalties to Mexico.
Under the MOU, Woodside Energy and PEMEX will assess potential future hydrocarbon exploration and extraction opportunities in the Gulf of Mexico’s deep waters and exchange technical knowledge and experience.
