ConocoPhillips has reportedly put up its conventional oil and gas properties in the US for sale to raise approximately $500m.

The assets considered for sale include lower-value oil and gas producing properties in the Central Basin Platform (CBP) and Northern Shelf formations, covering west Texas and New Mexico.

To manage the proposed sale process, investment bank RBC Capital Markets has been hired by ConocoPhillips, the news agency reported citing a marketing document dated fall 2021.

According to the document, the CBP assets reported production of about 9,260 barrels of oil and gas per day (boepd) whereas the Northwest Shelf has production of 3,840boepd.

ConocoPhillips is due to receive initial bid proposals for its assets on 13 October 2021.

The sale is part of the firm’s strategy to offload less valuable properties, following two major acquisitions of shale assets.

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Recently, ConocoPhillips agreed to acquire Shell’s Permian basin properties in the US, in a deal worth $9.5bn in cash.

The assets involved in the deal include 225,000 net acres, as well as 965.6km of operated crude, gas, and water pipelines, and infrastructure.

The company also acquired Permian-focused driller Concho Resources in January this year in an all-stock transaction worth $13.3bn.

Recently, ConocoPhillips said that it intends to divest assets with a focus on less productive acreage in the Permian Basin in the US by 2023 to raise as much as $5bn.

The divestments are part of the firm’s portfolio high-grading efforts.

Furthermore, ConocoPhillips is considering divesting a stake in some of its Alaskan assets.