Australia’s top oil and gas company Woodside has decided to retain its current ownership in the Macedon and Greater Pyrenees assets, after considering the divestment of its interest in the fields offshore Western Australia.

Woodside started a process in the second half of 2023 to consider the potential for divestment of its interests in the Macedon and Pyrenees assets.

Following completion of this process, Woodside has decided to retain its current ownership levels in both assets, the company informed on April 11, 2024.

“Macedon continues to be a critical supply source of gas to the Western Australian domestic market and Woodside continues to see strong value in both assets.

“Woodside remains disciplined and value-driven when considering any potential merger and acquisition transaction, including divestments,” the company said in a statement.

Both Macedon and Pyrenees will remain within Woodside’s Australian operations portfolio with a continuing focus on maintaining their outstanding safety and production performance and contribution to ensuring security and reliability of gas supplies in Western Australia.

Woodside’s net working interest production from the Macedon field and Pyrenees Area in the second half of 2023 averaged around 28,000 boe/d.

In February 2024, Asia Pacific-focused oil and gas company Jadestone Energy confirmed its participation in the bid process for the proposed sale of Woodside’s interest in the Macedon and Greater Pyrenees.

Following the cancelation of the sale by Woodside, the company announced plans to restore trading of its ordinary shares the same day.

Macedon is an offshore gas field located approximately 75km west of Onslow, Western Australia.

Gas is produced from subsea wells and flows through a pipeline to a gas treatment plant located near Onslow. Sales quality gas is then transported via a dedicated 67km pipeline into the Dampier to Bunbury Natural Gas Pipeline and thereon for onward sale into the Western Australian domestic gas market.

The Pyrenees project consists of six conventional oil fields located approximately 45km northwest of Exmouth, Western Australia, in the Carnarvon Basin. Crude oil is offloaded from the FPSO directly to tankers for sale to international markets and attracts a premium to Brent given its low sulphur content. Produced formation water is treated on the facility and reinjected for disposal in four subsea water injection wells.

A single well into the Macedon gas field allows for injection or production of natural gas depending on facility requirements. The Pyrenees Phase 4 project has been sanctioned with infill drilling and well intervention for water shut-off.