Investing.com — Abu Dhabi’s XRG will purchase Shell’s stake in the Woodside Energy-operated North West Shelf project for $1.45 billion, marking the ADNOC subsidiary’s first asset in Australia.
The transaction involves a 16.67% non-operated interest in the North West Shelf project, one of Australia’s largest liquefied natural gas export facilities.
The project comprises several interconnected joint ventures involving Woodside, Chevron, BP, Shell, China’s CNOOC, and Japan LNG, which includes Mitsui and Mitsubishi.
The sale is expected to close in 2027. Shell stated the deal includes an additional milestone-linked contingent payment on top of the base consideration. XRG will assume all decommissioning obligations under the agreement.
XRG recently established two local holding companies in Australia, registered with the Australian Securities and Investments Commission.
In 2025, the Abu Dhabi-based company made an on-market offer for Australia’s Santos for $18.7 billion, which it terminated in mid-September after failing to agree on commercial terms.
Woodside announced in its third-quarter results late last month that it plans to shut a second train at the North West Shelf facility in 2027.
The shutdown comes as production declines from legacy fields and the facility seeks more third-party gas to process until the Browse fields come online.
Shell said it continues to invest in LNG and integrated gas globally and will grow LNG sales by 4-5% per year to 2030.
Original Article
Abu Dhabi’s XRG to acquire Shell’s stake in Australian LNG project
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