XRG Buys Shell's North West Shelf LNG Stake

Abu Dhabi-based XRG agreed to acquire Shell's interest in the Western Australian project for $1.45 billion, subject to approvals.

Updated on Nov. 3, 2026 in Oil and Gas

Wide photograph of a coastal LNG export plant with storage tanks, a tall flare stack, and a tanker moored at a jetty over turquoise shallow water. — XRG agreed to buy Shell's interest in the North West Shelf LNG project in Western Australia for $1.45 billion, subject to regulatory approvals. AI Illustration. Upload story photo >

XRG agreed to acquire Shell's interest in the North West Shelf LNG project in Western Australia for $1.45 billion. The transaction is subject to regulatory approvals and customary closing conditions.

Why it matters

The acquisition is XRG's first investment in Australian LNG and represents a strategic step in its international gas growth plans. The North West Shelf, Australia's first LNG project, has operated for more than four decades and continues to supply domestic and export gas demand.

The deal values Shell's stake at $1.45 billion for a project with 14.3 million tonnes per annum of liquefaction capacity and 4.4 trillion cubic feet equivalent of remaining resources. Completion depends on regulatory approvals and customary closing conditions that have not yet been met.

The players

XRG

XRG is an Abu Dhabi-based energy company pursuing international gas growth, and this deal marks its first investment in Australian LNG.

Shell

Shell is a global energy major that is selling its interest in the North West Shelf LNG project.

The details

XRG agreed to acquire Shell's interest in the North West Shelf LNG project, which is located in Western Australia. The transaction is subject to regulatory approvals and customary closing conditions before it can be completed.

3 November 2026: XRG agreed to acquire Shell's stake in the North West Shelf LNG project.

Market Landscape

The North West Shelf, Australia's first LNG project and operating for more than four decades, is now changing hands as a mature asset rather than a new development. The sale brings a new Gulf-based investor into Australian LNG at a time when the project's 4.4 trillion cubic feet equivalent of remaining resources still underpins domestic and export supply.

The deal changes ownership of a major gas supply source but does not directly alter household gas prices or supply today. Consumers will see no immediate effect while regulatory approvals and closing conditions remain outstanding.

The takeaway

Long-running energy assets like the North West Shelf can change hands while continuing to supply gas for decades. Watching regulatory approvals will show when ownership formally shifts.