Abu Dhabi’s XRG agrees to acquire Shell's interest in Australia LNG project for $1.45bln

By Zawya

By Staff Writer

Abu Dhabi’s investment company XRG has agreed to acquire Shell’s 16.67% non-operated interest in an Australian liquefied natural gas (LNG) project for $1.45 billion.

The North West Shelf acquisition gives XRG access to 14.3 million tonnes per annum of gas liquefaction capacity.

Wholly owned by Abu Dhabi state oil company ADNOC, XRG has an enterprise value of over $150 billion and is building a global portfolio across natural gas, chemicals and energy solutions.

The acquisition is XRG’s first investment in Australian LNG. A consortium led by the company withdrew from a $19 billion takeover bid for Australian gas producer Santos last year.

According to a statement from Shell, its 16.67% interest includes associated upstream interests; pipeline and midstream infrastructure; varying participating interests in related petroleum and pipeline titles, project agreements, offtake arrangements, NWS project companies and CNOOC-related joint ventures.

The transaction has an effective date of 1 January 2026 and is expected to close in 2027, subject to conditions and regulatory approvals.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com

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