Woodside and PEMEX Deepen Ties on Trion Deepwater Project

Woodside has strengthened its partnership with Mexican state-owned petroleum company PEMEX on the Trion deepwater project, with CEO Liz Westcott signing a non-binding memorandum of understanding during a visit to Mexico. The agreement builds on the companies' joint efforts to develop oil and gas resources in Mexico's ultra-deepwater. Trion is Mexico's first ultra-deepwater oil development, located some 180 kilometres off the Mexican coast in 2,500 metres of water, with Woodside as operator holding a 60 percent interest.

 

Details of the Agreement

 

Woodside has deepened a key partnership. It strengthened ties with PEMEX. This is Mexico's state-owned petroleum company. The two are partners in the Trion project. This is in the Gulf of Mexico.

The agreement was formalised during a visit. Woodside's CEO visited Mexico. She signed a memorandum of understanding. This was non-binding in nature. It was signed with PEMEX's CEO.

 

The High-Level Engagement

 

The visit involved senior engagement. The CEO met Mexico's President. She also met the Secretary of Energy. They discussed the project's progress. This reflected high-level support.

The engagement carried diplomatic weight. September marked 60 years of relations. This was between Australia and Mexico. Woodside supported related events. This underscored the deepening ties.

 

The Trion Project

 

Trion is a landmark development. It is Mexico's first ultra-deepwater oil development. Woodside is the operator. It holds a 60 percent interest. PEMEX holds the remaining 40 percent.

The field has a defined profile. It lies 180 kilometres off Mexico. It sits in 2,500 metres of water. PEMEX discovered it in 2012. This makes it a significant discovery.

 

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The Development Scope

 

The development has substantial scope. It includes a floating production unit. This has a defined capacity. It can produce 100,000 barrels per day. This reflects the field's scale.

The development offers future potential. Future discoveries could be tied back. These would connect to Trion facilities. This extends the project's value. It supports further development.

 

The Strategic Value

 

The agreement offers strategic benefits. Company leadership cited the strong relationship. It builds on joint development efforts. These concern ultra-deepwater resources. This underpins the partnership.

The agreement opens further opportunities. The CEO cited exploring more prospects. These would be in the Gulf of Mexico. This extends the partnership's scope. It reflects a deepening relationship.

 

Significance of the Partnership

 

The partnership reflects deepening ties. These span trade and investment. They also cover the energy sector. The Trion project exemplifies this. It connects the two nations.

The partnership carries broader significance. Company leadership cited long-term value. This is alongside Mexican partners. Australia-Mexico links continue to deepen. The project reflects this evolving relationship.