India’s Hindustan Petroleum (HPCL) and its partners will divest 40% of their interests in the WA-388-P gas block, offshore Australia, to Apache Corporation.

The block, located on the North West Shelf, contains seven prospects ranging in size from 0.3 to 2.8 trillion cubic feet of prospective gas resources.

HPCL, Bharat PetroResources, Gujarat State Petroleum and Videocon Industries each have a 14% stake in the block, according to the Press Trust of India.

South Africa’s Sasol has a 30% interest and Australia’s Oilex holds the remaining 14%.

A rig has been contracted by Apache to spud the first well by early 2011.

The block lies north of the Pluto, Wheatstone, Gorgon and North West Shelf fields, offshore Western Australia.