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Woodside Signs Nonbinding Agreement with Petróleos Mexicanos for Potential Gulf of Mexico Exploration

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Woodside Energy Group (ASX:WDS) signed a nonbinding memorandum of understanding with Petróleos Mexicanos (PEMEX), allowing for potential future opportunities for exploration and extraction of hydrocarbons in the deep waters of the Gulf of Mexico, according to a Thursday statement.

The parties are jointly developing the Trion oil project, located around 180 kilometers off Mexico's coastline, which is set to become the country's first ultra-deepwater development, with first oil targeted for 2028.

Trion was 64% complete as at June 30. Woodside holds a 60% participating interest in Trion and is the operator.

Woodside's shares were down 2% in recent trading on Thursday.

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