HOUSTON — Apache is selling its stake in two liquefied natural gas projects to Woodside Petroleum Ltd. for $2.75 billion.

The deal includes Apaches 50 per cent stake in the Kitimat LNG project and related upstream acreage in the Horn River and Liard natural gas basins in British Columbia. However, the Kitimat sale is subject to certain operator consents.

The Houston-based oil and gas exploration and production company is selling its ownership in Australian subsidiary Apache Julimar Pty. Ltd., which owns a 13 per cent stake in the Wheatstone LNG project and a 65 per cent interest in the area that includes the Julimar/Brunello offshore gas fields and the Balnaves oil development.

I am proud of Apaches legacy in advancing the Wheatstone and Kitimat LNG projects, and I am confident that Woodsides participation will have a positive impact in seeing these world-class LNG facilities through to first production, said G. Steven Farris, chairman, chief executive officer and president of Apache Corporation.

Apache anticipates net proceeds of about $3.7 billion. That includes its expenses between June 30 and the transactions closing date in the first quarter of 2015. The company may use proceeds to lower debt, buy back stock or for other purposes.

Apache said Monday that once the transaction closes, it will still have upstream acreage off the shore of Western Australia in the Carnarvon, Exmouth and Canning basins along with related hydrocarbon reserves and production. Apache will also keep its 49 per cent ownership interest in Yara Holdings Nitrates Pty. Ltd. and 10 per cent interest in the related ammonium nitrate plant.