Shell agreed to sell its 16.67% stake in Australia's North West Shelf project to subsidiaries of XRG, the international arm of Abu Dhabi's state oil company (ADNOC), for $1.45 billion, according to Reuters, in text published by MarketScreener.

The deal is expected to close in 2027 and includes an additional milestone-linked contingent payment on top of the base consideration. It is XRG's first investment in Australian liquefied natural gas (LNG); the project has 14.3 million tonnes a year of liquefaction capacity.