Shell agrees to sell 16.67% North West Shelf stake to XRG for $1.45 billion plus contingent payment
SHEL•Shell Australia agreed to sell its 16.67% non-operated interest in Western Australia's North West Shelf project to XRG subsidiaries for $1.45 billion, subject to customary adjustments, plus a milestone-linked contingent payment. The transaction is effective January 1, 2026, and closing is expected in 2027, subject to conditions.
1. Sale terms
Shell Australia agreed to sell its 16.67% non-operated interest in the North West Shelf project to XRG subsidiaries for base consideration of $1.45 billion, subject to customary adjustments, plus a milestone-linked contingent payment. The transaction is effective January 1, 2026, with closing expected in 2027, subject to conditions.
2. Obligations and strategy
The buyers will assume decommissioning obligations and provide security for them. Shell said the sale supports a shift toward advantaged integrated gas investments as North West Shelf moves toward third-party toll processing.
