Apache is gradually reducing its exposure to Australia, as part of a wider $15 billion divestment strategy and pullback into the US.

Woodside has acquired a 13% interest in Chevron's massive Wheatstone LNG project near Onslow, a 65% interest in the Julimar-Brunello fields that will supply gas into that Wheatstone, and a 65% interest in the producing Balnaves oil field.

The Wheatstone-Balnaves deal was Woodside's first major acquisition since its Israeli investment collapsed 12 months ago, and involves a cash purchase price of $US2.75 billion [$A3.6 billion] and an expected closing adjustment of around $1 billion.

The closing adjustment represents reimbursement of Apache's net expenditures in the Wheatstone LNG project, changes in working capital and net receipts from Balnaves between the effective date, July 1 last year, and closing.

A component of the transaction relating to the 50% interest in the Kitimat LNG project in Canada is expected to close this week at an expected cost of $854 million. This includes a closing adjustment of $354 million for a total of $A1.236 billion.

Kitimat also comes with some 320,000 net acres of exploration permits in the Horn River and Liard Basins, adding a further growth option in an emerging LNG province to Woodside's development portfolio.

Woodside will update the market on its expected 2015 production, investment expenditure outlook and reserves once the Canadian transaction has closed.

Apache retains significant investments in the Carnarvon Basin, including the Van Gough, Coniston and Pyrenees oil fields, the Halyard, Macedon, Stag and Reindeer gas fields and the the Devil Creek domestic gas and Varanus island plants.

Its Western Australian domgas assets are likely to be sold in the near future, with market scuttlebutt that a Macquarie Capital-led group - which includes Canadian funds giant Brookfield and mining heiress Angela Bennett's AMB Holdings - is likely to back a management buyout that could see the bulk of Apache's existing senior management in WA transfer to the new entity.

A deal is reportedly close to being finalised.

Apache maintains a small joint venture in the onshore Canning Basin with Buru Energy with one well left to drill, although it did opt out of the Acacia option agreement.

Later this year it will drill the Roc-1 exploration well to follow up its success with the Phoenix South-1 oil discovery in the Bedout sub-basin.

Australia used to account for one fifth of Apache's exploration spend. While that has been scaled back, the US firm remains one of Australia's largest oil and gas producers and the most successful Carnarvon Basin explorer - although that success did not translate to Victoria's Gippsland Basin.