ADNOC’s XRG expands into Australian LNG in $1.45-billion deal with Shell

Oil & Gas Journal · 2026-11-03 00:00 UTC

ADNOC’s international investment arm said the deal extends its LNG supply reach into Asia-Pacific.

XRG, ADNOC’s international investment company, has agreed to acquire Shell plc subsidiary Shell Australia Pty Ltd.’s 16.67% interest in the Woodside Energy-operated North West Shelf (NWS) project in Western Australia for $1.45 billion plus a milestone-linked contingent payment.

The acquisition includes associated upstream interests and pipeline and midstream infrastructure. Shell’s stake also comprises varying participating interests in related petroleum and pipeline titles, project agreements, offtake arrangements, NWS project companies, and CNOOC-related joint ventures.

The NWS project is an LNG and domestic gas development in Western Australia comprising interconnected joint ventures involving Woodside, Chevron, BP, Shell, MIMI, and CNOOC. The project has liquefaction capacity of 14.3 million tonnes/year (tpy) and 4.4 tcfe of remaining resources, XRG said.

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