Woodside Energy Group Ltd. will retain its current ownership in the Western Australia Macedon and Pyrenees oil and gas assets, citing the "strong value" of both.
The decision follows the conclusion of a process started in second-half 2023 to consider potential divestment of its interests in the two Carnarvon basin assets, Woodside said in a release Apr. 11.
The proposed sale would have included Woodside’s interests in the Macedon producing gas field and a cluster of six producing oil fields known as the Pyrenees area. Woodside’s net working interest production from Macedon field and Pyrenees area in second-half 2023 averaged 28,000 boe/d, according to Jadestone Energy plc. The Asia-Pacific-focused company revealed in February 2024 that it was a participant in the bid process.
“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 said of its decision.
“Both Macedon and Pyrenees will remain within the 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,” the company continued.