Woodside, the WA energy company is looking to sell Macedon and Pyrenees oil and gas assets offshore Western Australia.
The assets up for sale have 75 million barrels of oil equivalent in reserve and are located in the rich Carnarvon Basin.
They produce 29,000 barrels per day net to Woodside, the report said.
With gas making up 82% of the portfolio’s balance reserves and liquids forming the remaining 18%, production is anticipated to continue into the mid-2030s.
The Morgan Stanley flyer estimates that during the five years from 2023 to 2027, cash flows from the portfolio will average A$232.2m ($150m) a year.
The portfolio consists of the Macedon local gas venture and the Pyrenees oil operations.
Santos and Japanese company Inpex are Woodside’s partners in the ventures.
“Woodside continuously reviews its portfolio of assets to ensure ongoing alignment with strategy and value for our shareholders,” a Woodside representative told the publication without elaborating.
The assets up for sale, which include offshore licences, related pipeline and production infrastructure, and an onshore gas plant, are described as a “portfolio of stable cash flow generating assets” in the Morgan Stanley flyer.
