Australia’s Woodside Vitality Group on Tuesday stated it might spend money on a $7.2bn Gulf of Mexico oil challenge, noting it might have decrease carbon emissions than the worldwide deepwater manufacturing common.

The Trion challenge would develop an estimated 479mn barrels of oil equal of oil and fuel, the corporate stated in a inventory alternate submitting.

Woodside owns 60 per cent of the challenge and can fund $4.8bn of the fee, with Mexico’s state-owned Pemex contributing the remainder.

“The funding is aligned with Woodside’s technique, exceeds Woodside’s capital allocation framework targets and might be a powerful contributor to money flows,” stated chief government Meg O’Neill.

She added the challenge would adjust to the corporate’s personal emissions discount targets.