Almost $50 billion of oil and gas assets could potentially change hands in the Australian region over the next few years, according to consultancy Wood Mackenzie, which is foreshadowing a shake-up in LNG infrastructure ownership as well as takeovers of juniors offering exposure to high east coast gas prices.

It pointed to US major ConocoPhillips and Italian oil company Eni as potentially interested in selling gas assets in Australia or possibly leaving the country altogether.