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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Woodside reported Trion was 64% complete and on budget at the end of the quarter ended 30 June 2026, with first oil targeted in 2028. That is a dated company-reported project measure, not a live construction reading. By the same quarter end, the Tlaloc floating production unit (FPU) had its topside modules lifted onto the hull, with integration and pre-commissioning underway.
What the 64% figure means
The 64% figure is Woodside Energy’s estimate of total Trion project completion for the quarter ended 30 June 2026. Woodside said the project remained on budget and continued to target first oil in 2028. The company’s chief executive, Liz Westcott, described the quarter-end status as: “At the end of the quarter Trion was 64% complete, with first oil targeted in 2028.” Woodside’s Q2 2026 report is the primary source for that update.
The prior dated comparison is Pemex’s report of 50.4% total project progress at 31 December 2025. The two figures indicate an increase between those reporting dates, but they are snapshots from different companies’ reports and do not provide a month-by-month construction rate. Pemex also reported separate progress values for individual facilities; those percentages are not interchangeable with total project completion.
What is being built for Trion?
Trion is a deepwater oil development in the Gulf of Mexico. Its offshore production system combines wells and subsea equipment with two major floating assets: Tlaloc, the floating production unit, and Chalchi, the floating storage and offloading (FSO) vessel. The assets have different functions: Tlaloc processes production, while Chalchi stores and offloads oil. Woodside’s quarter-end progress update describes the current construction milestones for these systems.
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Tlaloc floating production unit
By 30 June 2026, Tlaloc’s topside modules had been lifted onto the hull, and integration and pre-commissioning had started. The topsides house production and processing systems; integration brings those systems together with the hull and other equipment, while pre-commissioning checks components before the facility enters service.
Chalchi floating storage and offloading vessel
Structural-block fabrication for Chalchi was continuing in dry dock at quarter end. Woodside’s earlier description said the FSO was designed to store up to 950,000 barrels over a 27-year design life; that is a design specification, not a measure of current construction progress. Woodside’s earlier project update contains that design information.
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Disconnectable turret mooring buoy
The buoy, which forms part of the system for connecting and disconnecting the floating assets from their mooring arrangement, had completed fabrication and testing by the end of June 2026.
Wells and subsea equipment
Drilling began in March 2026. Three of the planned 24 wells had been drilled by the end of June, and deliveries of subsea equipment to Mexico had begun. Installation was planned to start in the third quarter of 2026, according to Woodside’s update. The wells and subsea infrastructure connect the reservoir to the offshore production system.
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Milestones and reported progress
| Date or period | Reported milestone |
|---|---|
| 1 November 2024 | Pemex says construction of the Tlaloc FPU began at Hyundai Heavy Industries in Korea. |
| 31 December 2025 | Pemex reported total project progress of 50.4%. Its facility figures were FPU 82.3%, FSO 39.2%, SURF 59.7% and GGL 43.1%; these are component measures, not the overall completion figure. |
| March 2026 | Drilling commenced with the Deepwater Thalassa drillship, according to Pemex. |
| Quarter ended 30 June 2026 | Woodside reported 64% total completion and on-budget status; three of 24 wells drilled; subsea deliveries begun; Tlaloc module lifts completed with integration and pre-commissioning underway; Chalchi block fabrication continuing; and the mooring buoy fabrication and testing completed. |
| Target: 2028 | Woodside’s Q2 2026 report targets first oil in 2028. Pemex’s 2025 filing specified a planned start in August 2028; Woodside’s later report did not restate that month. |
Who owns and operates Trion?
Woodside operates Trion and holds a 60% participating interest; Pemex holds the remaining 40%, according to Pemex’s 2025 Form 20-F. Pemex’s filing also says Mexico’s National Hydrocarbons Commission approved the extraction development plan in August 2023. The filing’s project figures and dates are Pemex-reported, including its 31 December 2025 completion snapshot. Pemex annual reports
What the reserve figure does—and does not—say
Pemex reported 630.2 million barrels of oil equivalent in certified 3P reserves as of 1 January 2025. This is a dated reserve estimate, not oil already produced, a current production rate, or a statement of how much will ultimately be recovered. The number should be understood with its stated reserve category and effective date. Pemex’s 2025 Form 20-F and annual-report materials
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How to interpret the schedule
The latest primary construction progress update available here is Woodside’s report for the quarter ended 30 June 2026. It gives a 2028 first-oil target but does not establish whether later announcements changed construction status or timing. Pemex’s August 2028 date is a plan recorded in its 2025 filing, not a month confirmed in Woodside’s Q2 2026 update.
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