Australia's Woodside pulls oil, gas stakes from sale

Australian independent Woodside Energy has decided against selling stakes in its offshore Macedon domestic gas venture and Pyrenees oil project, following a sales process that began in mid-2023.

Woodside said following completion of the sale process it has decided to retain its current ownership in both Carnarvon basin assets, adding that Macedon continues to be a critical supply source of gas to the Western Australian domestic market.

Singapore-listed oil and gas firm Jadestone Energy revealed in February it was a participant in the sale being managed by investment bank Morgan Stanley.

The fields were acquired as part of Woodside's takeover of BHP's petroleum division in 2022, producing about 28,000 b/d of oil equivalent during July-December 2023. Woodside holds a 64.86pc interest in Pyrenees and a 71.4pc stake in Macedon.

By Tom Major