The transaction includes a base payment of $1.45 billion, with additional milestone-linked payments pending. Cederic Cremers, Shell’s Integrated Gas President, described the move as an effort to realize value from a mature, non-operated asset. As the North West Shelf transitions toward a third-party toll-processing model, Shell is shifting its focus toward its other Australian interests, including the QGC project in Queensland and the Prelude floating LNG facility.

For the buyer, the acquisition represents a significant expansion into the Asia-Pacific gas market. Mohamed Al Aryani, President of XRG International Gas, noted that the project’s combination of existing production and long-term development potential aligns with the company’s international ambitions. The North West Shelf facility, which holds regulatory approval to operate until 2070, remains a cornerstone of the nation’s energy infrastructure.