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.
