Live news: Australia’s Woodside to invest in $7.2 billion Gulf of Mexico oil project

Australia’s Woodside Energy Group said Tuesday it would invest $7.2 billion in a Gulf of Mexico oil project it said would have lower carbon emissions than the global deepwater production average.

The company said in a stock exchange filing that the Trion project would develop 479 million barrels of oil equivalent of oil and gas.

Woodside owns 60 percent of the project and will finance the $4.8 billion cost, with Mexico’s state-owned Pemex contributing the rest.

“The investment is in line with Woodside’s strategy, exceeds the goals of Woodside’s capital allocation framework and will be a strong contributor to cash flow,” said Chief Executive Officer Meg O’Neill.

He said the project would comply with the company’s own emissions reduction targets.