Abu Dhabi-based investment firm XRG has reached an agreement to acquire Shell’s 16.67% non-operated stake in Australia’s North West Shelf LNG project for $1.45 billion.
The acquisition will provide XRG with access to 14.3 million tonnes per annum (mtpa) of liquefaction capacity, strengthening its presence in the global natural gas market.
Wholly owned by Abu Dhabi’s state-owned energy giant ADNOC, XRG has an enterprise value exceeding $150 billion. The company is focused on developing an international portfolio spanning natural gas, chemicals and energy solutions.
The deal marks XRG’s first investment in Australia’s LNG sector. The company had previously been part of a consortium that withdrew from a proposed $19 billion takeover of Australian gas producer Santos last year.
According to Shell, the stake being acquired encompasses associated upstream assets, pipeline and midstream infrastructure, varying interests in petroleum and pipeline licences, project agreements, offtake arrangements, North West Shelf project companies and CNOOC-related joint ventures.
The transaction will take effect retrospectively from January 1, 2026, with completion expected in 2027, subject to the fulfilment of customary conditions and receipt of regulatory approvals.
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