Mexico's Trion Ultra-deepwater Oil Field Is Expected To Reach A Peak Daily Production Of 100,000 Barrels

According to a report on August 29, Perth-based Woodside Energy Group has confirmed the peak production of the Trion ultra-deepwater oil field developed in cooperation with Pemex, which is expected to be 100,000 barrels of crude oil per day.

Woodside Energy expects Trion to reach peak production in 2028, Mexico's oil regulator said, while estimating the project's total cost at nearly $7.5 billion.

Woodside Energy made a decision on the project in June this year. Woodside owns 60% of the Trion field, with the remaining 40% held by Pemex, which discovered the field in 2012. Because Pemex lacked the resources to develop the Trion field itself, Woodside was brought on board the project five years after the field was discovered.

Woodside expects the project to achieve a 16% return on investment and pay for itself in just four years if oil prices reach $70. The project is expected to develop reserves of 479 million barrels of oil and gas equivalent. Of this, Woodside's share is expected to be 287 million barrels of oil equivalent. Pemex estimates Trion's total recoverable reserves at 485 million barrels of oil equivalent.

Woodside expects the carbon intensity of the Trion project to be around 20% below the global average for deepwater field development and 50% below the global average for oilfield projects.

The Trion Oilfield is located in the Perdidofort Sea area of the Gulf of Mexico, with a water depth of 2,500 meters, 180 kilometers from the Mexican coastline and 30 kilometers from the US-Mexico maritime border.

Trion will be the first oil production project in deepwater Mexico. The project follows Woodside's 2022 acquisition of BHP Petroleum's Mexican territory, which includes assets in the Gulf of Mexico.