Good evening,

Woodside has some changes brewing in its backyard.

Its long-term joint-venture partner Mitsui is weighing up potential divestments.

Woodside and Mitsui are 60:40 owners in three oil projects in Western Australia and 70:30 partners in two gas ventures. The oil fields are producing; the gas ones are undeveloped.

It would be interesting to see if Mitsui goes through with the divestments, and what price it gets at a time when oil is more than $US100 a barrel.

It looks like very early days, and tyre-kickers might be able to take hints from Carnarvorn’s Dorado oil and gas joint venture with Santos, which sources reckon is comparable to the Woodside-Mitsui oil fields. Carnarvorn is currently running a sell-down, which is widely expected to come to fruition by June.

Elsewhere, wind farms business CWP Renewables is heading for a $4 billion-odd auction; 7-Eleven has hired Azure Capital for advice on its strategic options; and there are some changes at Sydney’s Aitken Murray Capital Partners.

Happy reading,

Anthony Macdonald, Sarah Thompson and Kanika Sood
Street Talk Editors