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Report: Woodside looking to sell stake in Australian field, Canadian LNG project

Woodside Petroleum Ltd., in a bid to reduce its capital exposure, is looking to cut its stakes in the Scarborough gas field in Australia and the Kitimat LNG project in Canada, Reuters reported Sept. 10, citing comments from company CEO Peter Coleman.

In a major project where it is the operator, Woodside would like to have a 40% to 60% stake, the CEO told Reuters. When Woodside is a nonoperator, Coleman said an interest of 20% to 40% is "the right number."

Coleman said that from a capital management and risk management point of view, the firm would rather hold less equity. He noted that if Woodside manages to reduce its capital requirement, it would also help the company fund through this next expenditure cycle.

State-owned oil giant Saudi Arabian Oil Co. may be interested in Scarborough, according to Reuters.

Woodside holds a 75% stake in the Scarborough gas field as well as a 50% interest in the Chevron Corp.-operated Kitimat project in Canada.