Woodside and PEMEX Sign MOU to Expand Strategic Partnership in Mexico
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Woodside Energy has signed a non-binding memorandum of understanding (MOU) with Petróleos Mexicanos (PEMEX).
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.
“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,” said Woodside CEO Liz Westcott.
“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,” added Westcott.
Woodside and PEMEX are jointly developing the Trion Oil Project which is located approximately 180 kilometrers off Mexico’s coastline and 30 kilometers south of the U.S.-Mexico maritime border. Lying in 2,500 metrers of water, Trion is set to become Mexico’s first ultra-deepwater development, with first oil targeted for 2028.
Trion was 64 percent complete in June 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 enhancing energy security.
Woodside holds a 60 percent participating interest in Trion and is the operator, with PEMEX holding the remaining 40 percent participating interest.
Woodside is a global energy company providing reliable and affordable energy to help people lead better lives. The company is leveraging its track record of world-class project execution and operational excellence to build a diverse global portfolio. Woodside has over 35 years of experience in the LNG industry, including pioneering Australia’s LNG industry as operator of the North West Shelf Project which shipped its first LNG cargo to Japan in 1989. The company is executing major projects today, while pursuing growth opportunities that will deliver long-term value for shareholders.
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