Shell sells North West Shelf LNG stake to XRG

Shell has agreed to sell its 16.67 percent non-operated interest in Australia's North West Shelf LNG project to the United Arab Emirates' XRG for a base consideration of 1.45 billion dollars, ending a 40 year involvement in the Woodside operated project.

Why it matters: The sale hands Abu Dhabi's XRG a stake in Australia's oldest and largest LNG plant as it builds an international gas business, while Shell exits a mature asset ahead of its shift to third party toll processing.

Data as of Shell announcement of November 3, 2026, read in full in this run; the 1.45 billion dollar base consideration and the milestone linked contingent payment are as reported by OilPrice.com from the agreement. Developing item.

Shell has agreed to sell its 16.67 percent non-operated interest in the North West Shelf LNG project in Western Australia to wholly owned subsidiaries of XRG, the Abu Dhabi energy investment company, for a base consideration of 1.45 billion dollars plus a milestone linked contingent payment. The sale ends Shell’s involvement in the Woodside operated project, where it was a founding partner, after 40 years.

Shell said the sale reflects disciplined capital allocation and a focus on advantaged integrated gas positions as North West Shelf transitions towards a third party toll processing model. The transaction has an effective date of January 1, 2026 and is expected to close in 2027, subject to regulatory approvals, with the buyers assuming decommissioning obligations for the stake.

Shell sells North West Shelf LNG stake to XRG

Sources