Woodside Energy and Petróleos Mexicanos (PEMEX) have signed a non-binding memorandum of understanding designed to deepen technical collaboration and identify future opportunities in Mexico’s deepwater oil and gas sector.
The agreement creates a framework for the companies to analyse potential exploration and hydrocarbon extraction opportunities in the deep waters of the Gulf of Mexico. It also supports the exchange of technical knowledge, operational experience and industry best practices.
Signed in Mexico City by Woodside CEO Liz Westcott and PEMEX CEO Juan Carlos Carpio Fragoso, the MoU extends a relationship already centred on the Trion Oil Project.
Westcott said the MOU strengthened cooperation between the companies and opened opportunities to explore further deepwater developments in Mexico.
The partnership has a significant technology dimension. Deepwater developments depend on advanced subsea systems, high-specification drilling equipment, digital monitoring and complex engineering capabilities to operate safely at extreme ocean depths.
Woodside and PEMEX are jointly developing Trion, around 180 kilometres off Mexico’s coastline and 30 kilometres south of the US-Mexico maritime border. The field lies in approximately 2,500 metres of water and is expected to become Mexico’s first ultra-deepwater development.
Trion was 64% complete in June 2026, with first oil targeted for 2028. The project represents forecast capital investment of US$7.2 billion and is expected to contribute more than US$10 billion in taxes and royalties to Mexico during its operating life.
