# XRG Reaches $1.45B Base Deal for Shell’s 16.67% North West Shelf Interest

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/47585
Published: 2026-11-03T11:10:06.000Z
Updated: 2026-11-03T11:10:06.000Z
Section: Business

> The agreement includes a contingent milestone-linked payment with no stated value. It is effective Jan. 1, 2026, and closing is expected in 2027, subject to conditions including regulatory approvals.

XRG subsidiaries reached an agreement Nov. 3 to acquire a 16.67% non-operated stake in Western Australia’s North West Shelf project from Shell Australia Pty Ltd., with base consideration of $1.45 billion.

XRG is the wholly owned international energy investment company of Abu Dhabi National Oil Company (ADNOC). Customary adjustments may alter the base amount, while a separate contingent milestone-linked payment is also part of the deal. No amount was provided for that payment.

The package covers related upstream interests, pipelines and midstream infrastructure, as well as interests tied to project companies, agreements and offtake arrangements. The purchasing entities will be responsible for decommissioning duties and must back those obligations with security.

The project’s connected ventures include Woodside, Chevron, BP, Shell, MIMI and CNOOC. Its Western Australian operations serve liquefied natural gas and domestic gas markets. Reduced flows from older fields have opened capacity at the Karratha Gas Plant, while the project shifts toward a mix of its own resource production and toll processing for third-party gas.

Shell Integrated Gas President Cederic Cremers said, “The sale realises value from a mature, non-operated asset.” The agreement’s effective date is Jan. 1, 2026; closing is expected in 2027 if conditions that include regulatory approvals are met.