AEXRG, a subsidiary of Abu Dhabi National Oil Company (ADNOC), has agreed to acquire Shell’s 16.67% non-operated stake in Australia’s North West Shelf LNG project for approximately $1.45 billion USD. The transaction, announced on November 3, includes assuming decommissioning obligations and potential contingent payments linked to future milestones, with a projected closing date in 2027 pending regulatory approval. This marks XRG’s initial direct investment in Australian LNG assets, joining existing partners such as Woodside, Chevron, BP, MIMI, and CNOOC in the joint venture. The North West Shelf facility, located near Karratha, possesses an annual liquefaction capacity of 14.3 million tonnes and holds 4.4 trillion cubic feet equivalent of remaining resources. Executives stated the acquisition aims to balance export activities with domestic energy needs, supporting regional stability and economic growth.
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