Woodside Energy has signed a non-binding memorandum of understanding (MoU) with Mexican state-owned oil firm Petróleos Mexicanos (PEMEX), expanding their joint presence across the hydrocarbon-rich deep waters of the Gulf of Mexico.
The agreement sets up a dedicated framework for both companies to evaluate prospective offshore exploration and extraction opportunities. Beyond joint evaluations, the MoU mandates a bilateral exchange of technical expertise, operational experience, and industry best practices between the Australian energy major and Mexico’s national oil company.
Woodside CEO Liz Westcott said that the agreement builds directly on existing joint operations while opening new pathways for offshore growth.
“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,” Westcott said.
“The agreement strengthens our relationship and opens the door to explore future opportunities to work together in Mexico’s deepwater.
“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.”
The partnership builds on the partners’ existing flagship asset, the US$7.2 billion (AU$10.7 billion) Trion Oil Project. Situated 180 kilometres off the Mexican coastline in 2,500 metres of water, Trion represents Mexico’s pioneer ultra-deepwater development.
Woodside operates the mega-project with a 60 per cent participating interest, while PEMEX holds the remaining 40 per cent stake.
The project was 64 per cent complete as of late June, with first oil targeted for 2028. Over its operational lifespan, Trion is forecast to deliver more than US$10 billion in government taxes and royalties while bolstering regional energy security.
