Woodside Energy: Sanctions big oil project in southern GoM

About the author:

Author name:

By Adrian Prendergast

Job title:

Senior Analyst

Date posted:

21 June 2023, 7:30 AM

Sectors Covered:

Mining, Energy

• Woodside Energy (ASX:WDS) has announced a final investment decision (FID) on its Trion oil project in offshore Mexico, a project acquired through the merger with BHP-P.
• A large high quality oil project with production of 100kbopd (100%), first oil production expected in 2028 and development capex of US$7.2bn (100%).
• The majority of project estimates remain broadly in-line with previous commentary.
• An attractive project on its current fundamentals, further growing WDS’ liquids mix.
• WDS is trading modestly ahead of our Target Price, maintain HOLD rating.

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