Shell agrees sale of North West Shelf stake for $1.45 billion
SHEL•Shell agreed to sell its 16.67% non-operated stake in Australia’s North West Shelf project to subsidiaries of ADNOC’s XRG for $1.45 billion. The sale is expected to close in 2027 and includes a milestone-linked contingent payment.
1. Sale terms
Shell agreed to sell its 16.67% non-operated interest in the North West Shelf project to subsidiaries of ADNOC’s XRG for $1.45 billion. The sale is expected to close in 2027 and includes an additional milestone-linked contingent payment on top of the base consideration.
2. Project and strategy
North West Shelf, one of Australia’s biggest LNG export facilities, comprises interconnected joint ventures involving Woodside, Chevron, BP, Shell, MIMI and CNOOC. Shell said it is shedding mature assets to focus capital on higher-return opportunities, while continuing to invest in LNG and integrated gas globally and aiming to grow LNG sales by 4-5% per year to 2030.
