Apache Looks to Offload Wheatstone LNG Project Stake

Apache Corp. is looking to sell its stake in Wheatstone LNG project, news agency Bloomberg reported citing sources.

According to Bloomberg, the company is in early discussions with potential buyers for its holdings in the A$29 billion ($27 billion) project in Western Australia.

This move is part of Apache’s debt cutting exercise. In the past year, the company has sold assets in Argentina, Gulf of Mexico and Egypt to reduce debt which stood at $8 billion, said Bloomberg.

The Wheatstone Project is a joint venture between Australian subsidiaries of Chevron (64.14 percent), Kuwait Foreign Petroleum Exploration Company (KUFPEC) (13.4 percent), Apache Corporation (13 percent), and Kyushu Electric Power Company (1.46 percent), together with PE Wheatstone Pty Ltd, part owned by TEPCO (8 percent).

Apache also holds a 65 percent interest in the Julimar and Brunello offshore fields, which it operates and which will provide gas to the Wheatstone facility, added the news agency.