Project Overview

Trion is Mexico's first ultra-deepwater oil development, a joint venture between Woodside Energy (60%, operator) and Pemex (40%). It is located in the Perdido Fold Belt of the Gulf of Mexico. Woodside made the Final Investment Decision (FID) on Trion in June 2023.

The development centres on a semisubmersible floating production unit named 'Tláloc', with a nameplate capacity of approximately 100,000 barrels of oil per day, connected to a floating storage and offloading vessel named 'Chalchiuhtlicue' with 950,000 barrels of storage capacity. 

The full field development involves 24 subsea wells over the project's life: 12 production wells, 10 water injection wells, and 2 gas injection wells, connected via subsea trees, umbilicals, risers, and flowlines. 

Most recently, Woodside and Pemex signed a Memorandum of Understanding to expand their Mexican waters partnership beyond Trion, enabling joint analysis of potential future exploration and extraction opportunities in the deepwater Gulf of Mexico. 

Trion Project Location

The Trion Project is an ultra‑deepwater oil field located in the Perdido Fold Belt of the western Gulf of Mexico. It lies approximately 180 km off the coast of Tamaulipas state, near Matamoros, and around 30 km south of the US–Mexico maritime border. The field is situated in water depths of roughly 2,500 meters.

Project Background

The Trion field was discovered by Pemex in 2012, in the Mexican portion of the Perdido Fold Belt. Trion's location just 30 km south of the maritime border places it within the same broader structural trend, and its 2,500 m water depth places it firmly in ultra-deepwater territory, technically and commercially far beyond anything Pemex had previously developed independently. 

In 2017, BHP Petroleum and Pemex signed a farm-in agreement giving BHP a majority interest and operatorship in exchange for BHP funding and executing the ultra-deepwater development that Pemex alone could not undertake. BHP's petroleum business, including its Trion position, merged into Woodside Energy in 2022, with Woodside inheriting BHP's role as operator and continuing the existing agreement structure with Pemex. 

Construction proceeded through 2024-2025, with Woodside confirming the project reached 50 percent completion by year-end 2025. SLB was engaged in March 2025 to oversee the multi-year well delivery programme. 

Trion Project Current Status

Woodside confirmed Trion was 64 percent complete as of June 30, 2026, up from 50 percent at year-end 2025. By early 2026, the FPU 'Tláloc' had reached an advanced fabrication stage at HD Hyundai Heavy Industries in South Korea, with the hull floated out and the first of three major topside modules installed. 

Transocean's Deepwater Thalassa arrived in Mexican waters in March 2026 to begin the drilling campaign, launched formally on March 9, 2026. Offshore subsea installation is scheduled to begin in Q3 2026, with first oil targeted for 2028.

Stakeholder Details

Trion Project Cost Details

The Trion ultra‑deepwater oil project in the Gulf of Mexico has a sanctioned capital expenditure (capex) of USD 7.2 billion (100% basis), as confirmed in Woodside Energy’s final investment decision (FID) announcement. On 9 March 2026, Woodside Energy confirmed that, over the life of the project, Trion is expected to deliver more than USD 10 billion in taxes and royalties to Mexico.

Project Timeline

Design & Engineering Details

Conclusion

Discovered by Pemex in 2012 and developed through a partnership structure that began with BHP Petroleum in 2017, Trion represents a technical landmark for Mexico's oil industry. Its scale and technical complexity make it a flagship deepwater asset that will strengthen Mexico’s production base and demonstrate the viability of ultra‑deepwater operations under Mexican jurisdiction. 

Overall, the project will become a cornerstone of Mexico’s deepwater oil output, combining advanced subsea technology, a purpose‑built floating production and storage system, and a structured execution plan validated by recent drilling and construction milestones. 

Its successful commissioning will not only deliver material production for Woodside and Pemex but also establish a reference case for future ultra‑deepwater investments in Mexican waters, reinforcing the Gulf of Mexico’s role as a key frontier for deepwater hydrocarbon development. 

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