Woodside's deepwater Trion project in Mexico now 20% complete

Development of the Trion deepwater oil field in Mexico was 20% complete at the end of 2024, operator Woodside Energy said on Wednesday.

The Perth, Australia-based company will start pumping oil from Trion in 2028, in line with the initial schedule.

"We remain on track for 2028 first oil," CEO Meg O'Neill said in a trading update.

Development of the field will cost US$7.2bn.

Woodside has a 60% stake in Trion, with Mexico's federal oil company Pemex holding the remaining 40%.

Trion contains an estimated 479Mboe (million barrels of oil equivalent). It is expected to produce up to 100,000b/d.

Woodside's capital expenditure on the project was US$758mn in 2024.

In 2025, the company will invest between US$900m and US$1bn in the project.

Closely watched 

Trion is the first deepwater development in Mexico and it is being closely watched by the energy industry.

The field is located in the Gulf of Mexico at a water depth of 2500m, approximately 180km off the Mexican coastline

Trion was the first farm-out to be completed by Pemex and is one of the few fields in Mexico to be operated by a private sector company.

In its trading update Wednesday, Woodside said it had awarded contracts for drilling and completion services, gas gathering line installation and the build and lease of the floating storage and offloading vessel (FSO).

Construction of the floating production unit began in November.