UAE's XRG To Acquire Shell's Stake In Australian Project For $1.45 Billion

(MENAFN- Khaleej Times) Abu Dhabi-based XRG has agreed to acquire Shell's interest in Australia's North West Shelf LNG project for $1.45 billion, marking its first investment in the Australian liquefied natural gas (LNG) sector as it expands its international gas business.

The North West Shelf project in Western Australia has a liquefaction capacity of 14.3 million tonnes per annum (mtpa) and 4.4 trillion cubic feet equivalent (Tcfe) of remaining resources, providing XRG with access to large-scale LNG infrastructure and supplies for customers across the Asia-Pacific region.

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The transaction is subject to regulatory approvals and customary closing conditions.

The acquisition represents a strategic step in XRG's international gas growth plans, positioning the Abu Dhabi company close to one of the world's key energy-demand centres.

The North West Shelf, Australia's first LNG project, has been operating for more than four decades and has played a significant role in the country's economic development, supporting domestic energy supplies, employment and international trade.

Mohamed Al Aryani, president of XRG International Gas, said the company recognised the project's importance to Australia's economy and energy security and was committed to its long-term success.

“The North West Shelf combines immediate production, strategic infrastructure, and future upstream development opportunities, making it a strong fit with our long-term ambitions,” he said.

Al Aryani added that continued investment in the project could help sustain domestic gas supplies, support regional energy security, create jobs and deliver long-term economic benefits for Australia.

XRG said the project would continue to play a key role in meeting both domestic and export gas demand for decades to come.

The investment also strengthens XRG's exposure to LNG infrastructure and the Asia-Pacific market, where energy demand is expected to remain an important driver of global gas trade.

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