Woodside Power Group Ltd. has determined to retain its possession curiosity within the Macedon and Pyrenees property after a months-long overview.
The Australian built-in power firm mentioned in a information launch Thursday that it began a course of within the second half of 2023 to think about the potential for divestment of its pursuits within the property.
“Macedon continues to be a important provide supply of fuel to the Western Australian home market and Woodside continues to see robust worth in each property,” the corporate mentioned.
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Each Macedon and Pyrenees will stay inside its Australian operations portfolio with a seamless concentrate on “sustaining their excellent security and manufacturing efficiency and contribution to making sure [the] safety and reliability of fuel provides in Western Australia,” Woodside added.
Macedon is an offshore fuel discipline situated roughly 46.6 miles (75 kilometers) west of Onslow, Western Australia. Gasoline is produced from subsea wells and flows by a pipeline to a fuel therapy plant situated close to Onslow, based on the corporate’s web site.
Gross sales high quality fuel from Macedon is transported by a devoted 41.6-mile (67-kilometer) pipeline into the Dampier to Bunbury Pure Gasoline Pipeline and thereon for onward sale into the Western Australian home fuel market.
The Pyrenees venture consists of six typical oil fields situated roughly 28 miles (45 kilometers) northwest of Exmouth, Western Australia, within the Carnarvon Basin. Crude oil is offloaded from the Pyrenees floating manufacturing, storage, and offloading (FPSO) unit on to tankers on the market to worldwide markets and attracts a premium to Brent given its low sulphur content material. Produced formation water is handled on the facility and reinjected for disposal in 4 subsea water injection wells, based on the corporate’s web site.
Subsea amenities are situated throughout the manufacturing licenses WA-42-L and WA-43-L, and in water depths starting from roughly 590 to 705 toes (180 to 215 meters).
A single properly into the Macedon fuel discipline permits for injection or manufacturing of pure fuel relying on facility necessities. The Pyrenees Part 4 venture has been sanctioned with infill drilling and properly intervention for water shut-off.
The Pyrenees FPSO is linked to the adjoining Macedon fuel discipline situated roughly 3.7 miles (6 kilometers) southeast of the FPSO. The connection permits fuel to be equipped from the Macedon fuel discipline for gasoline fuel on the FPSO or produced through the Macedon subsea infrastructure to the onshore Macedon fuel plant for home fuel manufacturing.
Manufacturing license WA-42-L is operated by Woodside with a 71.4 p.c stake, whereas Santos Ltd. owns 28.6 p.c. WA-43-L can also be operated by Woodside with a 40 p.c stake, whereas Santos and Inpex Company personal 31.5 p.c and 28.5 p.c, respectively.
Woodside acknowledged that it “stays disciplined and value-driven when contemplating any potential merger and acquisition transaction, together with divestments”.
In February, a deliberate merger of Woodside and Santos fell by after the 2 firms did not agree on a value. The addition of Santos’ portfolio would have created an Australian fuel export big and positioned Woodside as one of many largest liquefied pure fuel producers within the Asia-Pacific.
To contact the writer, electronic mail rocky.teodoro@rigzone.com
