The MOU will allow analysis of potential future opportunities for exploration and extraction of hydrocarbons in the deep waters of the Gulf of Mexico. It will also facilitate the mutual exchange of technical knowledge, experience, and industry best practices in the oil and gas sector.
The MOU was signed in Mexico City following a meeting between Woodside CEO Liz Westcott and PEMEX CEO Juan Carlos Carpio Fragoso.
Speaking at the signing, Woodside CEO Liz Westcott said: “This MOU builds on the strong relationship between Woodside and PEMEX and our joint efforts to develop oil and gas resources in Mexico’s ultra-deepwater. The agreement strengthens our relationship and opens the door to explore future opportunities to work together in Mexico’s deepwater. We are grateful to PEMEX and Secretary of Energy Luz Elena González Escobar for their continued support and commitment to the development of Mexico’s deepwater resources.”
Woodside and PEMEX are jointly developing the Trion Oil Project, which is located approximately 180 kilometers off Mexico’s coastline and 30 kilometers south of the US-Mexico maritime border. Lying in 2,500 meters of water, Trion is set to become Mexico’s first ultra-deepwater development, with first oil targeted for 2028.
Trion was 64% complete as at June 30, 2026, and represents 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, as well as enhance energy security.
Woodside holds a 60% participating interest in Trion and is the operator, with PEMEX holding the remaining 40% participating interest.
