"As first revealed on Financial Review Sunday, Apache has set a brisk pace on the sell-down, estimated to fetch close to $2 billion and hopes to complete a deal by the end of the year," the AFR's StreetTalk column reported this morning.

"A preferred candidate is expected to emerge by mid-October under the first-past-the-post bidding structure."

A sale at $2 billion would be a notable discount, with a 13% stake of the $29 billion project worth $3.77 billion at face value.

The Macquarie Group-advised sale reportedly includes Apache's 65% stake in the Julimar and Brunello gas fields in the Carnarvon Basin, which are expected to supply 2.1 trillion cubic feet of gas and account for 20% of Wheatstone's LNG commitments.

Sources reportedly named Woodside, PetroChina, Kuwait Foreign Petroleum Exploration Company and Abu Dhabi government-owned IPIC as potential bidders.

"So far 10 parties have signed confidentiality agreements, yielding them access to Wheatstone's data room," the newspaper reported.

LNG expansion-hungry Petronas was tipped to be a key contender.

"Petronas executives jetted into WA's capital recently, although sources claimed the visit is related to meetings on another joint venture, the offshore gas resource, Evans Shoal," the newspaper reported.

An Apache spokesman revealed little about the Wheatstone sales process last week.

"For multiple reasons, we cannot comment on speculative transactions, other companies' interest or investment bank inquiries or solicitations regarding Wheatstone," the spokesman said.

"Apache has a global portfolio of top-tier and potential world-class assets.

"Additionally, with our strong balance sheet and investment-grade financial ratings, we are regularly approached about our interest in buying, selling or partnering in various projects and properties."

Wheatstone, on the Pilbara coast 12km west of Onslow, is targeting 8.9 million tonnes per annum of capacity with first exports in 2016.

It already has approval to expand to 25MMtpa.