UPDATE 1-Mexico's Trion deepwater field to peak at 110,000 bpd by 2028 -regulator

(Adds detail of partnership, context of development throughout)

MEXICO CITY, Aug 29 (Reuters) -

Australia's Woodside Energy Group estimates peak production from the Trion deepwater field it is developing alongside Mexico's state oil company Pemex will reach 110,000 barrels per day (bpd) by 2028, Mexico's oil regulator said on Tuesday.

Total extraction of crude is forecast to reach 434 million barrels during the contracted period, up to 2052, it added, offering fresh details into the project's timeline.

The Trion project, discovered by Pemex in 2012, is set to cost a total of $10.43 billion to develop, the regulator said in an online briefing, slightly below the $11 billion previously touted.

The development plan includes the drilling of 12 wells for light oil, between 24 and 26 degrees API, it added.

Trion is Pemex's first partnership with a private company and was first

outlined in 2017

.

The deal was part of a wide energy market reform that has been put mostly on hold by President Andres Manuel Lopez Obrador.

Woodside delayed the financial go-ahead on the project, located at Mexico's Perdido basin and inherited from Australia's BHP, to this year, as costs rose worldwide for manufacturing components for mega projects. (Reporting by Adriana Barrera; Writing by Isabel Woodford; Editing by Brendan O'Boyle)