The company currently has a 100% interest in the undeveloped Basker, Manta and Gummy fields and a 30% stake in the undeveloped Kipper field, having acquired the fields in 2000 for a total of $60 million.

Woodside spokesman Rob Millhouse said there was keen interest from a number of parties.

"We've had several companies looking at them and the interest is keen. They cross the gamut of companies that have interests in Australia and some who don't," Millhouse said.

"We still think there is a market - but we see more potential in concentrating on the Otway given that is the most advanced."

Woodside operates and owns a 51.6% share in the $1 billion Otway project, and has sold its share of production from the project's two fields estimated to be 0.4 trillion cubic feet of dry gas and 4.1 million barrels of condensate to TXU.

The company has predicted recoverable reserves at the Kipper field to be 0.4 trillion cubic feet (tcf) of gas, 8.6 mln bbls of condensate and 6.1 mln bbls of oil.

Reserves at the Basker, Manta and Gummy fields are estimated at 0.17 tcf of gas, 5.8 mln bbls of condensate and 27 mln bbls of oil.