Shell in talks with Adnoc to sell Australian LNG plant stake
Energy major Shell is reportedly in early talks with potential buyers, including a unit of Abu Dhabi state oil company Adnoc, to sell a minority stake in its A$34 billion ($24 billion) North West Shelf gas export plant in Western Australia.
Discussions are at an initial stage with XRG, the low-carbon energy and chemicals investment arm of Adnoc, and Saudi Aramco-backed Midocean Energy, Bloomberg reported, quoting unidentified sources.
In September, the news agency reported that Shell planned to sell a 16.67 percent stake in the North West Shelf.
“Shell regularly assesses its portfolio to inform disciplined capital allocation,” a Shell spokesperson told Bloomberg.
Perth-headquartered Woodside Energy Group operates the North West Shelf. Other partners include the UK’s BP, China’s CNOOC and a venture between Japan’s Mitsui & Co and Mitsubishi Corp.
This month, XRG, Argentina’s state oil company YPF and Italy’s Eni signed a binding joint development agreement to advance Argentina LNG, a project expected to reach a liquefied natural gas capacity of 12 million tons a year.
The deal will support Abu Dhabi’s objective to reach 20-25 million mtpa of LNG capacity by 2035.
Further reading:
- Aramco halts Juaymah LPG exports after system damage
- QatarEnergy awards contract for major LNG production expansion
- Tanker costs hit six-year high amid threat of US-Iran war
You May Also Like
Landmark Court Ruling Rejects Terrorism Financing Claims
IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!
