Macquarie Group is understood to have launched the sales process for a stake in Seven Group’s Crux gas field, with flyers sent to prospective bidders in the past week.
The Kerry Stokes-backed Seven is selling a 15 per cent interest in Crux through Macquarie.
The promotional material for the sale is due to be with prospective buyers now.
International groups are expected to be the most likely suitors and will need to shell out at least $250m to secure the interest.
The sale is being launched at a time that energy supply is considered more critical amid the war in Ukraine and as oil and gas prices rally in recent months.
Asian buyers are expected to be in the mix.
The Crux field is in the Browse Basin about 190km off the west coast of Australia and 620km northeast of Broome.
The project is majority-owned by Shell, which has an 82 per cent stake, while Osaka Gas owns the remaining 3 per cent.
Shell’s Prelude floating LNG project also is located in the Browse Basin.
Gas is expected to be sent from Crux to the Prelude floating platform through a 165km subsea pipeline.
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