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Shell Australia Pty Ltd, a wholly owned subsidiary of Shell plc, has signed an agreement to sell its 16.67% non-operated interest in the North West Shelf (NWS) project. The interest will be acquired by wholly owned subsidiaries of XRG P.J.S.C. for a base consideration of US$1.45 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 realises value from a mature, non-operated asset and supports Shell’s strategy by focusing investment on advantaged integrated gas positions, as NWS transitions in the future towards a third-party toll-processing model. We are proud of the role we played as a founding partner in NWS and the role NWS has in turn played in Western Australia.”
Shell continues to invest in LNG and integrated gas globally and will grow LNG sales by 4-5% per year to 2030.
Shell maintains a strong presence in Australia, where it operates the Shell QGC project and Prelude FLNG, is developing the Crux project and is a joint venture partner in Arrow Energy and Gorgon.
The transaction has an effective date of 1 January, 2026, and is expected to close in 2027, subject to several conditions precedent, including regulatory approvals.
Shell’s net carbon intensity and net-zero emissions target
In this announcement we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.
Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our combined Scope 1 and 2 target, NCI target and our oil products ambition over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.
The information provided above regarding Shell’s NCI and net zero emissions target are not intended, nor should they be construed as introducing, suggesting or making any claim, target or representation thereof other than what is included in this announcement.
Note: This story has not been edited by The Polymerupdate Editorial team and is auto-generated from a syndicated feed.
