Shell sells a mature LNG stake, Abu Dhabi buys its Asian foothold

XRG, ADNOC’s investment arm, will pay Shell at least $1.45 billion for its 16.67% non-operated share of Australia’s North West Shelf. The sale includes related infrastructure and decommissioning obligations, while an undisclosed milestone payment adds potential upside for Shell. For XRG, the 14.3-million-tonne-a-year facility opens an Australian route into Asian gas markets; for Shell, it releases capital from an asset moving towards third-party feedgas and tolling. Completion is expected in 2027, subject to approvals, so the Browse gas development and future plant throughput will shape the stake’s value after the cheque clears.