Abu Dhabi National Oil Company has struck a deal worth at least $US1.45 billion ($2.08 billion) to buy Shell out of the North West Shelf venture, marking a significant entry into Australian LNG after its failed attempt to buy Santos.
The deal includes an extra payment that will be made by ADNOC’s XRG investment arm to multinational Shell once a final go-ahead is given to develop the Browse gas field off the Kimberley coast using the North West Shelf plant near Karratha.
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