Shell is to sell its Australian North West Shelf gas stake to Abu Dhabi's XRG for $1.45bn

Shell is selling its stake in Australia's North West Shelf LNG project to Abu Dhabi's XRG in a deal worth $1.45 billion. XRG is the international energy investment arm of Abu Dhabi's state oil giant ADNOC. The sale marks another step in Shell's ongoing retreat from Australian gas assets as Gulf sovereign energy funds expand their global footprint.

The North West Shelf project off Western Australia is one of the world's largest LNG operations.

Abu Dhabi's XRG has been aggressively acquiring energy assets internationally as Gulf states diversify beyond domestic production.