HOUSTON, TEXAS (By Pietro D. Pitts, Energy Analytics Institute, 3.Apr.2026, Words: 2675) — For investors looking at upstream exposure in the Latin America and Caribbean (LAC) region, Mexico’s deepwater Trion project stands out as one of the region’s most closely watched developments. And, for a number of reasons.
Located in the Gulf of Mexico (GOM) and operated by Australia’s Woodside Energy in partnership with the Mexican national oil company (NOC) Petróleos Mexicanos (PEMEX), Trion is often portrayed as a model arrangement: international capital and deepwater expertise combined with local ownership in a resource‑rich basin. On paper, it is a compelling story of collaboration between a disciplined international operator and a state‑backed national champion by many merits.
