Shell to sell North West Shelf stake to Abu Dhabi's XRG for $2 billion
Shell announced the sale of its interest in the North West Shelf project to Abu Dhabi-based XRG for about $2 billion, ending its involvement in the venture it helped launch in the 1980s.
Shell has agreed to sell its share in the North West Shelf gas project to Abu Dhabi energy group XRG for roughly $2 billion, marking the company's exit from a development it helped establish in the 1980s. The transaction will see XRG acquire Shell's remaining stake, concluding a long-standing partnership that included an earlier, unsuccessful attempt by Shell to take over rival Woodside. The sale is expected to close later this year, subject to regulatory approval.
"We are pleased to complete this transaction, which reflects the strategic direction of our portfolio and provides value to our shareholders," a Shell spokesperson said.
The deal underscores a broader trend of major oil and gas firms reshaping their asset bases amid shifting market dynamics and increasing focus on capital efficiency.