XRG today announced it has entered into an agreement to acquire Shell’s interest in the North West Shelf project in Western Australia, for $1.45 billion, subject to regulatory approvals and customary closing conditions.
The acquisition represents XRG’s first investment in Australian LNG and a significant milestone in the company’s international gas growth strategy. It would establish a strategic position for XRG in close proximity to demand growth in the Asia-Pacific region, providing access to world-scale LNG infrastructure and equity LNG supply from one of the industry’s most established energy projects.
For more than four decades, the North West Shelf Project has played a defining role in Australia’s economic development as the country’s first LNG project. The asset has supported domestic energy supply, jobs, international trade, and Australia’s emergence as a leading global energy exporter.
Mohamed Al Aryani, President of XRG International Gas, said, “The North West Shelf investment created Australia’s LNG industry and continues to contribute to the nation’s economy, energy security, and prosperity. We recognize its importance and are committed to its long-term success. This investment advances XRG’s strategy to build a leading international gas business serving growing demand across Asia-Pacific. 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 added, “XRG understands the importance of balancing export success with local energy needs. We believe continued investment in the North West Shelf can help sustain domestic gas supply, support regional energy security, create jobs, and deliver lasting economic benefits for Australia.”
source/content: wam.ae (headline edited)
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