BAKU, Azerbaijan, November 3. Shell’s
subsidiary will sell its 16.67% non-operated interest in the North
West Shelf project, Shell said on November 2.


The interest of Shell Australia Pty Ltd, a wholly owned
subsidiary of Shell plc, will be acquired by wholly owned
subsidiaries of XRG P.J.S.C. for a base consideration of US$1.45
billion, subject to customary adjustments, plus an additional
milestone-linked contingent payment.


The 16.67% interest includes associated upstream interests,
pipeline and midstream infrastructure. Shell’s interest also covers
varying participating interests in related petroleum and pipeline
titles, project agreements, offtake arrangements, NWS project
companies, and CNOOC-related joint ventures.


“Shell continues to invest in LNG and integrated gas globally
and will grow LNG sales by 4-5% per year to 2030. Shell maintains a
strong presence in Australia, where it operates the Shell QGC
project and Prelude FLNG, is developing the Crux project and is a
joint venture partner in Arrow Energy and Gorgon. The transaction
has an effective date of January 1, 2026, and is expected to close
in 2027, subject to several conditions precedent, including
regulatory approvals,” the company said.







The NWS project is an LNG and domestic gas development located
in Western Australia comprising a number of interconnected joint
ventures involving Woodside, Chevron, bp, Shell, MIMI and
CNOOC.


Declining production from the original NWS fields has created
capacity at the project’s Karratha Gas Plant and NWS is moving to a
mixed resource-production and third-party toll-processing business.
In 2023, Shell sold its interest in the Browse project, a proposed
offshore gas development whose concept involves piping gas from the
Browse Basin to Karratha for processing and export through existing
NWS infrastructure. The deal includes buyers assuming
decommissioning obligations and providing security with respect to
such obligations.


XRG P.J.S.C. is an international energy investment company
focused on building a global portfolio across natural gas,
chemicals and energy solutions.