Abu Dhabi National Oil Co.’s investment arm, XRG, has agreed to acquire Shell Plc’s stake in an Australian natural gas project for $1.45 billion. This deal marks another step in XRG’s efforts to expand its global energy portfolio.
The acquisition targets Shell’s stake in the Northwest Shelf liquefied natural gas (LNG) project, which will provide XRG with greater access to customers in the Asia-Pacific region. The facility has the capacity to liquefy 14.3 million tons of gas annually, representing nearly 3% of the global LNG capacity.
The transaction is set to take effect on January 1, 2026, and is expected to close in 2027, pending regulatory approvals and other conditions precedent.