Woodside Energy and Petróleos Mexicanos (PEMEX) will explore opportunities to expand oil and gas projects through a newly signed non-binding Memorandum of Understanding (MoU).

The MoU will allow analysis of potential opportunities for exploration and extraction of hydrocarbons in Mexico’s deepwater and will enable an exchange of technical knowledge, experience, and industry best practices in the oil and gas sector, the companies said in a release Sept. 3.

Woodside and PEMEX are jointly developing the Trion oil project about 180 km off Mexico’s coastline and 30 km south of the US-Mexico maritime border. The project, about 64% complete as of June 30, 2026, lies in the Perdido Fold Belt at depths in 2,500–2,600 m of water. Mexico’s first ultra-deepwater oil development, Trion is designed for 24 subsea wells connected to a new 100,000 b/d floating production unit (Tláloc) and 950,000-bbl floating storage and offloading unit (Chalchi). Through estimated total capital investment of $7.2 billion, the development is targeting 479 MMboe of best estimate (2C) contingent oil and gas with first oil targeted for 2028.

Woodside is operator at Trion with a 60% interest. PEMEX holds the remaining 40% interest. Trion field was discovered by PEMEX in 2012.