Abu Dhabi’s XRG will buy Shell’s stake in the Woodside Energy-operated North West Shelf project for $1.45 billion, giving the ADNOC subsidiary its first Australian asset.
The North West Shelf project, one of Australia’s biggest liquefied natural gas export facilities, comprises a number of interconnected joint ventures involving Woodside, Chevron, BP, Shell, China’s CNOOC, and Japan LNG, which is made up of Mitsui and Mitsubishi.
The sale of the 16.67 per cent non-operated interest is expected to close in 2027. The deal includes an additional milestone-linked contingent payment on top of the base consideration, Shell said in a statement.
It also contains a provision that XRG will assume all decommissioning obligations.