BAKU, Azerbaijan, November 13.
Woodside Energy's Trion deepwater oil project in Mexico is 71
percent complete and on budget, with first oil targeted for 2028,
according to the company's Capital Markets Day 2026
presentation.
Trion is a 100,000 barrels per day oil development.
Woodside said it will provide long-life oil production that
diversifies the company's cash flow. The project is expected to
contribute about $1.1 billion per year in adjusted operating cash
flow in 2028–2032 (Woodside share).
Trion is located in the Perdido Fold Belt of the Gulf
of Mexico, about 180 km off the Mexican coastline and 30 km south
of the US-Mexico maritime border, in water depths of approximately
2,500 meters. Woodside, the operator, holds a 60% interest, and
Mexico's state oil company Pemex holds the remaining 40%. The final
investment decision on the project was taken in 2023. Trion is
Mexico's first deepwater oil development.
As of the end of the third quarter of 2026, 10 of the
planned 24 wells had been drilled and the first subsea tree
installed. Fabrication of the floating production unit (FPU) Tláloc
has reached about 96% completion, with integration and
pre-commissioning underway. Production will be supported by a
floating storage and offloading vessel (FSO) with a capacity of
950,000 barrels. Over its life, the project is expected to deliver
more than $10 billion in taxes and royalties to Mexico. The field,
discovered by Pemex in 2012, holds 3P reserves of around 305
million barrels of oil equivalent.
Woodside Energy, headquartered in Perth, is
Australia's largest independent oil and gas company and is listed
on the Australian Securities Exchange and the New York Stock
Exchange. Its portfolio includes LNG and domestic gas operations in
Australia, deepwater oil in the US Gulf of America, the Sangomar
oil field in Senegal, and the Trion project under development in
Mexico.
