The Australian oil company Woodside and the Mexican state-owned energy group Pemex have made a final investment decision (FID) to develop the Trion oil resource in Mexico. Woodside is operator with a 60% participating interest and Pemex holds the remaining 40%. The development is subject to joint venture approval and regulatory approval of the field development plan (FDP), scheduled by end-2023.
The Trion project is estimated to hold 479 Mboe of oil resources. The resource will be developed through a floating production unit (FPU) with an oil production capacity of 100,000 bbl/d. The FPU will be connected to a floating storage and offloading (FSO) vessel with a capacity of 950,000 bbl of oil. The forecast total capital expenditure is US$7.2bn, with US$4.8bn provided by Woodside. First oil is targeted for 2028.