Woodside, PEMEX explore new deepwater opportunities beyond Trion

Woodside Energy and PEMEX have signed an MoU to assess additional deepwater exploration and production opportunities in Mexico while advancing the $7.2-billion Trion development toward first oil in 2028.
Related To: 
Sept. 3, 2026
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Why this news matters:

  • The MoU suggests Woodside and PEMEX are looking beyond the Trion project and evaluating additional deepwater opportunities, potentially supporting longer-term offshore investment in Mexican waters. 

  • As Trion moves toward first oil in 2028, the partnership provides a blueprint for collaboration between an international operator and Mexico's national oil company on large-scale deepwater developments.

 

Courtesy Woodside Energy
Woodside’s Trion project construction

Woodside’s Trion project, the first deepwater oil development in Mexico’s history, reached 50% completion at year-end 2025.

Trion project snapshot

  • Operator: Woodside Energy (60%)

  • Partner: PEMEX (40%)

  • Water depth: 2,500 m

  • Distance offshore: 180 km

  • Estimated capex: $7.2 billion

  • Project status: 64% complete (June 2026)

  • Target first oil: 2028

Source: Woodside, PEMEX

Woodside Energy and PEMEX have signed a non-binding memorandum of understanding (MoU) to jointly assess future opportunities for exploration and production of hydrocarbons in the deepwater Gulf of Mexico.

The agreement signals both companies' interest in expanding their collaboration beyond Trion, one of Mexico's largest deepwater developments and a key test case for future Gulf of Mexico investment.

The arrangement extends to an exchange of technical knowledge, experience and industry best practices in the oil and gas sector.

Woodside and PEMEX are currently developing the Trion oil field in 2,500 m of water, 180 km offshore Mexico and 30 km south of the US-Mexico maritime border. They are targeting first oil in 2028. The project, with estimated capex of $7.2 billion, was 64% complete at the end of June.

Woodside has a 60% operated interest, with PEMEX holding the remaining 40%.

Did you know?

Trion was one of the first deepwater discoveries opened to international participation following Mexico's energy reforms

Contributors:

About the Author

Jeremy Beckman
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Jeremy Beckman

Staff Writer / Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.

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