Australia’s Woodside Energy Group on Tuesday said it would invest in a $7.2bn Gulf of Mexico oil project, noting it would have lower carbon emissions than the global deepwater production average.
The Trion project would develop an estimated 479mn barrels of oil equivalent of oil and gas, the company said in a stock exchange filing.
Woodside owns 60 per cent of the project and will fund $4.8bn of the cost, with Mexico’s state-owned Pemex contributing the rest.
“The investment is aligned with Woodside’s strategy, exceeds Woodside’s capital allocation framework targets and will be a strong contributor to cash flows,” said chief executive Meg O’Neill.
She added the project would comply with the company’s own emissions reduction targets.
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