SBM Offshore has signed a contract with Woodside Petróleo Operaciones de México, S. de R.L. de C.V. ('Woodside'), operator of the Trion deepwater oil field development located in the Perdido Belt of the western Gulf of Mexico. Under this contract, SBM Offshore will construct and thereafter lease to Woodside a Floating Storage and Offloading ('FSO') unit for a period of 20 years. This award complements the Transportation & Installation contract for the FSO and the FPU awarded to SBM Offshore in 2023.
The new build FSO, based on a Suezmax-type hull, will be equipped with a Disconnectable Turret Mooring ('DTM') system designed by SBM Offshore. The FSO will be moored in water depth of about 2,500 meters and will be able to store around 950,000 barrels of crude oil.
The Trion field is located 180 km off the Mexican coastline and 30 km south of the US/Mexico maritime border. The Trion project is an alliance between Woodside (60%, Operator) and PEMEX Exploración y Producción (40%, non-Operator).
Background
According to info on the Woodside web site, Trion is a greenfield development that would represent the first oil production from Mexico’s deepwater, with potential for future discoveries to be tied back to Trion facilities.
The Trion project was discovered by PEMEX (Mexico’s state-owned petroleum company) in 2012. In 2017, BHP Petroleum and PEMEX signed an agreement for the development of the Trion discovery. Following the merger with BHP Petroleum, Woodside will continue the agreement with PEMEX for field development.
Woodside has made a final investment decision to develop the large, high-quality Trion resource in Mexico. The expected returns from the development exceed Woodside’s capital allocation framework targets and deliver enduring shareholder value. First oil is targeted for 2028.
Source: SBM Offshore
