Woodside plans to sell natural gas assets

Woodside, an Australian oil and gas producer, told Reuters on Tuesday that it was seeking to reduce its stake in its domestic Scarborough gas field and Canada's Kitimat liquefied natural gas (LNG) project to reduce its capital exposure, according to offshore engineering on September 10.

Previous speculation suggested that Saudi Amy might be interested in Scarborough gas field. Once developed, the gas field will be used to expand Woodside's Pluto LNG production and export facilities. Woodside owns 75% of the Scarborough gas field and 50% of the Canadian Kitimat project, which is operated by Chevron.

"We just look at this from the perspective of capital management and risk management, and we would rather reduce our stake," Coleman told Reuters. "If we can reduce capital requirements, it will also help us fund the next expenditure cycle."

"In a major project we are running, we want to get 40% to 60% equity. That makes sense. When you're a non-operator, the right number is between 20% and 40%, "he said.