3rd Nov 2026 08:45
(Alliance News) - Shell PLC on Tuesday said it has agreed to sell its nearly 17% non-operated interest in the North West Shelf liquefied natural gas project in Western Australia for at least USD1.45 billion.
The sale is to subsidiaries of XRG PJSC, the energy investment arm of Abu Dhabi National Oil Co, known as ADNOC. On top of the base consideration will be a milestone-linked contingent payment.
The Australian project is an LNG and domestic gas development involving a number of interconnected joint ventures, Shell said. Among these partners are Woodside Energy Group Ltd, Chevron Corp and BP PLC.
The sale of Shell's 16.67% stake includes associated upstream interests, pipelines and processing infrastructure, with XRG assuming decommissioning obligations.
Shell said the disposal of the mature asset supports its strategy of focusing investment on higher-value integrated gas operations, as the North West Shelf project transitions towards processing gas from third-party producers.
Shell reiterated its target to grow LNG sales by 4.0% to 5.0% annually through 2030 and maintains its presence in Australia through projects including QGC, Prelude FLNG and Gorgon.
The sale, declared effective from January 1, 2026, is expected to complete in 2027, Shell said.
Shell shares were trading at 3,909.50 pence early Tuesday in London, down 0.3%.
By Tom Waite, Alliance News editor
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