If you have $1,500 to invest in the share market and want exposure to oil, then it could be worth checking out the two ASX shares in this article.

That's because they come highly rated by analysts at Morgans and could generate big returns over the next 12 months.

Here's what the broker is saying about them:

Beach Energy Ltd (ASX: BPT)

While Morgans notes that this ASX oil share has disappointed the market in 2024, it believes that its shares are "trading at deep value levels." As a result, the broker sees it as a good option for investors wanting exposure to this side of the market. It said:

New management has had three attempts in 2024 of 'clearing the decks' and resetting a baseline for market expectations. But the numerous downgrades, combined with consistent optimistic messaging, has gradually eroded investor confidence in BPT's ability to execute on its plans and its valuation re-rate as a result. Similar to the market's apparent concerns, we also hold some reservations over short-term execution risks but do view BPT as trading at deep value levels. Investment view: We maintain an ADD rating but continue to caution that patience may be required.

Morgans has an add rating and $1.75 price target on Beach Energy's shares. This implies potential upside of 27% for investors from current levels.

Woodside Energy Group Ltd (ASX: WDS)

Another ASX oil share that could be a no-brainer buy with $1,500 is energy giant Woodside.

The broker thinks that the market is undervaluing the company's shares and believes that attractive long-term value is on offer here. It explains:

The tide is certainly out in terms of investor sentiment on WDS. Despite Brent oil trading in line with our long-term forecast, WDS' share price implies a near cycle-low oil price level. We do not see this as capable of being explained by WDS' growth profile (comfortably funded) or risks around non-core assets such as Browse. While the share price performance has been disappointing, supported by a strong balance sheet and high margins, we see WDS investors as capable of being patient. Investment view: We maintain an ADD recommendation believing WDS offers attractive long-term value.

Morgans currently has an add rating and $33.00 price target on Woodside's shares. This implies potential upside of 37% for investors over the next 12 months. It also expects a very generous ~6% dividend yield from its shares in FY 2025.