Woodside puts Macedon, Pyrenees fields up for sale
Woodside Energy has taken steps to streamline its enlarged portfolio after its merger last year with BHP Petroleum, tapping Morgan Stanley to sell its interests in the mature Macedon and Pyrenees oil and gas ventures off Western Australia.
The assets for sale involve 29,000 barrels a day net to Woodside, from reserves of 75 million barrels of oil equivalent, located in the prolific Carnarvon Basin. The portfolio is heavily weighted towards gas, comprising 82 per cent of the total remaining reserves, with the other 18 per cent being liquids, and is expected to keep producing into the mid-2030s.
The assets for sale supply gas into WA and oil for international markets. Woodside
The flyer from Morgan Stanley puts cash flows from the portfolio, comprising the Macedon domestic gas venture and the Pyrenees oil project, at an average of $US150 million ($232.2 million) a year over the five years from 2023 to 2027.
Woodside’s partners in the ventures, both of which were part of BHP’s portfolio, are Santos and Japan’s Inpex Corporation, which may have rights of first refusal on the stakes to be sold.
A Woodside spokeswoman would not comment other than noting: “Woodside continuously reviews its portfolio of assets to ensure ongoing alignment with strategy and value for our shareholders.”
Woodside’s merger with BHP Petroleum in June last year roughly doubled the size of its portfolio and gave it major positions in new markets such as the US Gulf of Mexico and Trinidad. The transaction, once completed, was expected to lead to some streamlining of the enlarged portfolio to focus on the more material plays.
Woodside’s interim results on Tuesday included a $US68 million pre-tax impairment on the Pyrenees venture, which the oil and gas
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