Woodside potentially misled investors over oil demand forecasts used to justify its investment in the Trion project in Mexico, a complaint by activist shareholder group Market Forces to the corporate regulator alleges.

The complaint, lodged with the Australian Securities and Investments Commission on Tuesday, takes issue with statements made by Woodside chief Meg O’Neill in a 2023 conference call held after the $US7.2 billion ($11.6 billion) project was approved. It also questions a slide shown to investors in that briefing.