Trion Receives Regulatory Approval
The Trion field development plan (FDP) has been approved by the Mexican regulator, Comision Nacional de Hidrocarburos (CNH).
Woodside’s final investment decision (FID) to develop the Trion resource, announced 20 June 2023, was subject to Trion joint venture approval and regulatory approval of the FDP. 1 Both of these conditions have now been met.
Woodside CEO Meg O’Neill welcomed the approval of the FDP.
“This milestone allows us to fully progress into execution phase activities with our contractors.
“We look forward to working with PEMEX and our other stakeholders in Mexico to deliver this important project,” she said.
Following the approval of the FDP, Woodside has booked Proved (1P) Undeveloped Reserves of 324.7 MMboe gross (194.8 MMboe Woodside share) and Proved plus Probable (2P) Undeveloped Reserves of 478.7 MMboe gross (287.2 MMboe Woodside share). 2
The project execution phase activities are progressing and Woodside has executed key contracts relating to the development including:
- the floating production unit (FPU) engineering, procurement and construction (EPC) contract with HD Hyundai Heavy Industries
- the rig contract with Transocean
- the FPU and floating storage offloading (FSO) installation contract with SBM Offshore
- the subsea trees contract with OneSubsea UK.
First oil is targeted for 2028. Woodside is operator of the Trion development with a 60% participating interest and PEMEX Exploración y Producción (PEMEX) holds the remaining 40%.
The attached notes on petroleum resource estimates form part of this announcement.
Note:
1). “Woodside approves investment in Trion development”, announced 20 June 2023.
2). 1P and 2P Reserves estimates include 12.6 MMboe gross (7.6 MMboe Woodside share) and 15.2 MMboe gross (9.1 MMboe Woodside share) of fuel consumed in operations respectively.
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