Woodside Energy has decided to retain ownership of the Macedon and Pyrenees oil and gas assets located off the coast of Western Australia.

The company had initially planned to sell its interests in these assets but has now decided to keep them following a review.

The Macedon and Pyrenees assets were acquired by Woodside through its merger with BHP Petroleum in 2022.

These assets currently produce around 29,000 barrels of oil equivalent per day, with the majority being natural gas.

Woodside had appointed Morgan Stanley to handle the sale process, expecting the assets to generate approximately $232 million per year in cash flows over the 2023-2027 period.

The decision to retain the Macedon and Pyrenees assets aligns with Woodside’s strategy of remaining “disciplined and value-driven” in its approach to mergers, acquisitions, and divestments.

While the company had initially planned to streamline its portfolio after the BHP merger, it ultimately decided that these assets still provided value to shareholders.

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

However, following the completion of this process, the company has decided to maintain its current ownership levels in both assets.

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

Both assets will remain within Woodside’s Australian operations portfolio, with a focus on maintaining their outstanding safety and production performance and ensuring the security and reliability of gas supplies in Western Australia.