Apache’s holdings in Australia are focused offshore Western Australia in the Carnarvon, Exmouth and Browse basins, with production operations in the Carnarvon and Exmouth basins. We have operated in the Carnarvon basin since acquiring the gas processing facilities on Varanus Island and adjacent producing properties in 1993. In total, we control approximately 7.9 million gross acres offshore Western Australia through 30 exploration permits, 18 production licenses, and 9 retention leases. Approximately 89 percent of our acreage is undeveloped, and the region continues to actively pursue additional acreage opportunities.
In December 2014 Apache Corporation announced it has agreed to sell its 13-percent interest in the Wheatstone LNG Project along with accompanying upstream oil and gas reserves, including its 65-percent interest in the Julimar/Brunello offshore gas fields and the Balnaves oil development, to Woodside Petroleum Limited. The transaction, which has an effective date of June 30, 2014, is expected to close in the first quarter of 2015 and is subject to necessary government and regulatory approvals and customary post-closing adjustments.