Nov 3 (Reuters) – Shell (SHEL.L), on Tuesday agreed to sell its stake in Australia’s North West Shelf project to subsidiaries of ADNOC’s XRG for $1.45 billion, as it sheds mature assets to focus capital on higher-return opportunities.
The North West Shelf project, one of Australia’s biggest LNG export facilities, comprises a number of interconnected joint ventures involving Woodside (WDS.AX), Chevron (CVX.N), BP (BP.L), , Shell, MIMI and China’s CNOOC.The sale of the 16.67% non-operated interest is expected to close in 2027, and the deal includes an additional milestone-linked contingent payment on top of the base consideration, Shell said in a statement.
Shell continues to invest in LNG and integrated gas globally and will grow LNG sales by 4-5% per year to 2030, it said.
Reporting by Yadarisa Shabong in Bengaluru; Editing by Sonia Cheema
