ADNOC’s XRG to acquire Shell’s Australian LNG plant stake for $1.45B
Abu Dhabi National Oil Company's XRG energy investment arm has agreed to buy Shell's stake in an Australian natural gas project for US$1.45 billion. The deal is part of XRG's strategy to expand its global presence and secure greater access to customers in the Asia-Pacific region. The North West Shelf LNG project, operated by Woodside Energy Group, is the largest liquefaction plant in Australia, with a capacity to liquefy 14.3 million tonnes of gas annually, which equates to nearly 3% of global LNG supply.
XRG aims to become one of the world's top five LNG suppliers, a goal that predated the recent Middle Eastern energy disruptions. The company has already secured LNG capacity deals in the US and Argentina. This Australian deal marks XRG's first foray into Australia after it withdrew its bid to acquire local producer Santos in 2025.
Shell is continuing its focus on LNG expansion, but Bloomberg reported previously that it may sell its 16.67% stake in the North West Shelf to realize value from a mature, non-operated asset and to facilitate a planned transition to a tolling facility.
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