According to sources of the Australian Financial Review, an investment bank had started marketing stakes in PNG gas fields and exploration ventures on behalf of Talisman since the start of the year.

"An investor presentation provided to potential acquirers put the assets' value at between $400 million and $600 million but did not provide a deal timetable, with sources saying the document should be viewed as a "teaser" designed to gauge the market's interest," the newspaper reported.

This news comes as Talisman and joint venture partner Horizon Oil faced considerable delays in getting government approvals for their condensate commercialisation plans in PNG's Western province. It is where Talisman has considerable stakes among 9 licenses, which downstream player Mitsubishi has also partnered into.

Santos also agreed to acquire 30% stakes in two of Talisman's PNG blocks in a deal announced in September, and there is a general ramp up of interest in the country as the ExxonMobil-led PNG LNG project approaches its first exports later this year.

A long-awaited strategic PNG partner hunt was additionally completed in December with French supermajor Total agreeing to fund wells that could underpin a separate LNG development of InterOil's vast discoveries in Gulf province.

While most of the big petroleum players have embarked upon asset divestment plans over at least the past year, billionaire investor Carl Icahn could also be a factor after he managed to get two of his representatives on Talisman's board in December.

He first tweeted about plans to change the board and of "strategic alternatives" in October after buying a nearly 6% stake of the Canadian oil and gas player.