Commodities
Woodside Greenlights $7.2 Billion Mexico Deepwater Oil Project
- Trion project in Gulf of Mexico will target first oil in 2028
- Project is a venture with state-owned oil company Pemex
Meg O'Neill, chief executive officer and managing director of Woodside Energy Group Ltd., during a panel discussion at the World Gas Conference in Daegu, South Korea, on Tuesday, May 24, 2022.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Woodside Energy Group Ltd. gave the go-ahead for a $7.2 billion oil field off Mexico, the Australian producer’s first major fossil fuel investment since acquiring BHP Group Ltd.’s petroleum business last year.
The Trion oil field, a joint venture with state-owned oil company Petroleos Mexicanos, will be Mexico’s first offshore deepwater oil project, according to Woodside. It has estimated resources of 479 million barrels of oil equivalent, and first production is expected in 2028, the Perth-based company said Tuesday.