CANBERA (dpa-AFX) - Australian energy company Woodside Energy Group Ltd (WDS) said it has signed a memorandum of understanding with Mexico's state-owned oil company Petróleos Mexicanos (PEMEX) to assess potential opportunities for hydrocarbon exploration and extraction in the deep waters of the Gulf of Mexico.
The agreement will also facilitate the exchange of technical knowledge, experience and industry best practices in the oil and gas sector.
Woodside and PEMEX are already jointly developing the Trion oil project, located 180 kilometres off Mexico's coast, with first oil targeted for 2028.
Trion was 64% complete as of June 30, 2026, with total investment estimated at $7.2 billion. The project is expected to generate more than $10 billion in taxes and royalties for Mexico over its lifetime.
Woodside holds a 60% stake in Trion and operates the project, while PEMEX owns the remaining 40%.
On the ASX, Woodside Energy shares were down more than 3% at A$32.08.
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