Adnoc’s XRG to buy Australian LNG stake for $1.5bn

Show caption: Visitors stand at the XRG booth at the Adipec conference in …

Abu Dhabi-based company will buy the stake in Australia's North West Shelf LNG project, marking its first investment in the country's LNG sector

• XRG has agreed to acquire Shell's stake in Australia's North West Shelf LNG project for $1.5 billion.
• The deal marks XRG's first investment in Australia's LNG sector, expanding its presence in the Asia-Pacific region.
• The North West Shelf project holds liquefaction capacity of 14.3 million tonnes per year and 4.4 trillion cubic feet of remaining resources.
• XRG, wholly owned by Adnoc, has grown its enterprise value from $80 billion at its 2024 launch to more than $150 billion.
• The investment "advances XRG's strategy to build a leading international gas business serving growing demand across Asia-Pacific," said Mohamed Al Aryani, president of XRG International Gas.

XRG, the international energy investment unit of Adnoc, has agreed to acquire Shell’s stake in Australian natural gas project for $1.5 billion, as the company seeks to diversify its portfolio amid Iran war disrupting global energy markets.

Abu Dhabi-based XRG will buy the stake in Australia's North West Shelf LNG project, marking its first investment in the country's LNG sector and gaining greater access to customers in the Asia-Pacific region, the company said on Tuesday.

The deal, which is subject to regulatory approvals and customary closing conditions, will give XRG access to one of the world's largest integrated LNG developments, with liquefaction capacity of 14.3 million tonnes per year and 4.4 trillion cubic feet equivalent of remaining resources.

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XRG has been actively increasing its portfolio of investments globally and plans to double its asset value over the next decade. Launched in 2024 as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion, it has acquired stakes in several global gas projects.

The latest acquisition strengthens XRG's position in the Asia-Pacific region. The North West Shelf project has been operating for more than four decades and plays a key role in the country's domestic gas supply and energy exports. The asset has supported domestic energy supply, jobs, international trade, and Australia’s emergence as a leading global energy exporter, XRG said.

“This investment advances XRG’s strategy to build a leading international gas business serving growing demand across Asia-Pacific. The North West Shelf combines immediate production, strategic infrastructure, and future upstream development opportunities, making it a strong fit with our long-term ambitions,” said Mohamed Al Aryani, president of XRG International Gas.

“XRG understands the importance of balancing export success with local energy needs. We believe continued investment in the North West Shelf can help sustain domestic gas supply, support regional energy security, create jobs, and deliver lasting economic benefits for Australia.”

XRG said the project offers a combination of existing production, strategic infrastructure and opportunities for future upstream development.

The company, which is wholly owned by Adnoc, has an enterprise value of more than $150 billion and invests across natural gas, chemicals and energy solutions.

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Updated:

November 03, 2026, 7:28 AM