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Jadestone Eyes Woodside’s Macedon and Pyrenees Fields Offshore Australia

February 13, 2024

FPSO Pyrenees Venture (Credit: MODEC)
FPSO Pyrenees Venture (Credit: MODEC)

Asia Pacific-focused oil and gas company Jadestone Energy has confirmed its participation in the bid process for the proposed sale of Woodside’s interest in the Macedon and Greater Pyrenees projects offshore Western Australia.

The bid process, being managed by Morgan Stanley, is related to the acquisition of Woodside’s interests in the Macedon producing gas field and a cluster of producing oil fields collectively known at the Pyrenees Area.

For reference, Woodside’s net working interest production from the Macedon field and Pyrenees Area in the second half of 2023 averaged c.28,000 boe/d.

Were Jadestone to be selected as the preferred bidder and reach agreement with Woodside on acquisition terms, the proposed acquisition would be classified as a reverse takeover transaction, according to the company.

“There can be no assurance that agreement between the parties will be reached on mutually acceptable terms and that the proposed acquisition will be entered into, or if entered into, will complete. The company will update shareholders on the proposed acquisition as appropriate,” Jadestone Energy said.

Macedon is an offshore gas field located approximately 75km west of Onslow, Western Australia.

Gas is produced from subsea wells and flows through a pipeline to a gas treatment plant located near Onslow. Sales quality gas is then transported via a dedicated 67km pipeline into the Dampier to Bunbury Natural Gas Pipeline and thereon for onward sale into the Western Australian domestic gas market.

The Pyrenees project consists of six conventional oil fields located approximately 45km northwest of Exmouth, Western Australia, in the Carnarvon Basin. Crude oil is offloaded from the FPSO directly to tankers for sale to international markets and attracts a premium to Brent given its low sulphur content. Produced formation water is treated on the facility and reinjected for disposal in four subsea water injection wells. 

A single well into the Macedon gas field allows for injection or production of natural gas depending on facility requirements. The Pyrenees Phase 4 project has been sanctioned with infill drilling and well intervention for water shut-off.

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