XRG agrees to buy Shell’s stake in Australian LNG project for $1.5bn — The National

International energy investment company XRG, wholly owned by Adnoc, has agreed to buy Shell’s stake in the North West Shelf liquefied natural gas project in Australia for $1.5 billion. The deal will be XRG’s first investment in Australia’s LNG sector and is subject to regulatory approvals and customary closing conditions, The National reports.

XRG’s first LNG asset in Australia

Once the deal is completed, the company will gain access to one of the world’s largest integrated LNG projects. The project’s gas liquefaction capacity is 14.3 million tonnes per year, while its remaining resources are estimated at 4.4 trillion cubic feet equivalent.

The North West Shelf has been operating for more than four decades. According to XRG, the project plays an important role in supplying gas to Australia’s domestic market and in the country’s energy exports.

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Strategy in the Asia-Pacific region

Mohamed Al Aryani, President of XRG International Gas, said the acquisition is in line with the strategy of building an international gas business that will meet growing demand in the Asia-Pacific region. According to him, the North West Shelf combines existing production, strategic infrastructure and opportunities for future upstream development.

XRG was established in 2024 as an international investment company in lower-carbon energy and chemicals. The enterprise was valued at more than $80 billion at launch and is now worth more than $150 billion. The company plans to double the value of its assets over the next decade.