Shell Sells North West Shelf LNG Stake to Abu Dhabi's XRG for $1.45 Billion

45 billion as part of its strategy to disciplined capital allocation and portfolio choices. 45 billion, subject to customary adjustments, plus an additional milestone-linked contingent payment. “This agreement reflects our commitment to disciplined capital allocation and portfolio choices,” said Cederic Cremers, Shell’s Integrated Gas President. ” The sale would mark Shell’s exit from the Woodside-operated LNG project after 40 years.

Yet, Shell will maintain a strong presence in Australia, where it operates the Shell QGC project, which develops onshore gas resources in Queensland’s Surat Basin and supplies around 15% of Australia’s east coast gas market. Shell is also the operator of Prelude FLNG, its first operational floating LNG facility, located in the Browse Basin in Western Australia, and develops the Crux natural gas field as a longer-term backfill opportunity for…