Optimism grows around Mexican upstream

Things are looking up for exploration and production in Mexico, with new finds and developments set to boost output in coming years

Recent announcements, deals and discoveries have greatly bolstered Mexico’s upstream and may help it continue to reverse declining production and ease NOC Pemex’s huge debt burden. ASX-listed Woodside has taken FID on Trion. The once-stalled Zama project is moving forward, following other offshore discoveries so far this year. And Pemex is already reporting rising crude output—all of which suggest the country’s upstream might be turning a corner. Woodside is targeting first oil from Trion in 2028. The Australian firm expects to receive regulatory approval for its field development plan in the fourth quarter of this year and describes Trion as comprising a “deepwater… large, high-quality conv