XRG to Acquire Stake in Shell's Australian Project for $1.45 Billion

Abu Dhabi's XRG will acquire Shell's 16.67% stake in Australia's North West Shelf project for $1.45 billion. This will be the company's first investment in Australia.

North West Shelf is one of Australia's largest liquefied natural gas export projects. It is operated by Woodside Energy, with partners including Chevron, BP, CNOOC and several Japanese companies.

The deal is expected to close in 2027. XRG will also take on costs associated with the project's closure and future infrastructure decommissioning.

The company has been trying to expand into Australia for several years already. In 2025, XRG also attempted to acquire Santos for $18.7 billion, though the deal did not go through.

Source: Reuters