Woodside and Mexico's Pemex Sign Memorandum to Cooperate on Deepwater Oil and Gas Exploration in the Gulf of Mexico

en.Wedoany.com Reported - On September 2, Woodside Energy and Petróleos Mexicanos (Pemex) signed a non-binding memorandum of understanding, establishing a framework for strategic cooperation in oil and gas exploration and production technologies. The two parties will jointly identify and evaluate deepwater oil and gas exploration and production opportunities in the Gulf of Mexico, and exchange technical knowledge, project experience, and operational practices in the oil and gas industry. The memorandum was signed in Mexico City by Woodside Energy CEO Liz Westcott and Pemex CEO Juan Carlos Carpio Fragoso.

The scope of the agreement includes joint analysis of potential exploration and production opportunities. Pemex stated that the two parties may further develop relevant opportunities based on the evaluations and jointly execute integrated oil and gas exploration and production projects upon meeting subsequent conditions. This document is a non-binding memorandum, and the public information does not list specific new blocks, the number of exploration wells, investment amounts, or implementation timelines.

Woodside Energy and Pemex are currently jointly developing the Trion ultra-deepwater oil field in the Gulf of Mexico. Woodside holds a 60% interest in the project and serves as operator, while Pemex holds 40%. Trion is located approximately 180 kilometers off the Mexican coast and about 30 kilometers south of the Mexico-U.S. maritime boundary, with an operating water depth of approximately 2,500 meters. As of June 30, 2026, the project's overall completion rate stood at 64%, with total capital investment estimated at approximately $7.2 billion and first oil targeted for 2028.

Drilling work at Trion commenced in March 2026. The development plan includes 24 subsea wells, supported by floating production facilities and floating storage and offloading facilities. Following the final investment decision in 2023, the project entered the construction and drilling implementation phase. This memorandum covers potential oil and gas exploration and production cooperation opportunities beyond Trion, with specific cooperative projects still pending joint identification and evaluation by the two parties.