Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 13 : 4-Nov-26

The Abu Dhabi National Oil Company’s investment arm XRG has struck a deal to acquire Shell’s 16.7 per cent stake in Australia’s North West Shelf LNG project. The deal will cost XRG at least $US1.45bn ($2.08bn), which includes an additional payment if the Browse LNG project is approved. The transaction is subject to approval by the Foreign Investment Review Board, while the North West Shelf’s other partners have pre-emption rights which could allow them to block the deal. XRG had previously attempted to enter the Australian gas market via a $36.4bn takeover bid for Santos, which it withdrew in September 2025.

CORPORATES
ABU DHABI NATIONAL OIL COMPANY, XRG, SHELL PLC, NORTH WEST SHELF LNG PTY LTD, SANTOS LIMITED – ASX STO