AGL in February announced it is undergoing a full review of its upstream gas assets amid consistently low oil prices. The company has shelved long standing plans for the Camden Northern Expansion Project and is looking to sell off its interest in non-core operations at Hunter Gas Project, the Cooper Oil Project, Spring Gully and Moranbah assets.
The company’s 50 per cent stake in the Macarthur wind farm, estimated value of $500 million is set to be sold off by the first half of 2016.
The asset sale aims to raise $1 billion from the sale of underperforming assets by FY17.
Additionally, the company is reviewing its management structure and operational practices with an eye towards reaching a $200 million reduction in the operating cost base and a $100 million reduction in CAPEX by FY17.