Shell Rakes in $1.45 Billion for Shedding Its Stake in Australian Gas and LNG Project

November 3, 2026 · 3 minutes ago

As Shell heads for the exit, ADNOC’s XRG is buying a stake in a Woodside-operated LNG and gas development in Western Australia.

In a bid to optimize its Australian portfolio, Shell Australia, a wholly owned subsidiary of the UK-headquartered Shell, has struck a deal to divest its interest in a gas and liquefied natural gas (LNG) project with XRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), which includes Abu Dhabi Development Holding Company (ADQ) and global investment firm Carlyle.

Shell has signed an agreement to sell its 16.67% non-operated interest in the North West Shelf (NWS) project to wholly owned subsidiaries of XRG for a base consideration of $1.45 billion, subject to customary adjustments, plus an additional milestone-linked contingent payment. This project comprises interconnected joint ventures involving Woodside, Chevron, BP, Shell, MIMI, and CNOOC.