Royal Dutch Shell plc (Shell) has agreed to sell its 8% equity interest in the Wheatstone-Iago joint venture and 6.4% interest in the 8.9 million tpa Wheatstone liquefied natural gas (LNG) project in Western Australia, for a total of US$ 1135 million. The stake has been sold to the Kuwait Foreign Petroleum Exploration Company (KUFPEC).
Shell CEO, Ben van Beurden, commented: “Shell will remain a major player in Australia’s energy industry. However, we are refocusing our investment to where we can add the most value with Shell’s capital and technology. We are making hard choices in our world-wide portfolio to improve Shell’s capital efficiency.”
The agreement with KUFPEC, an existing Wheatstone joint-venture partner, meaning there will be no impact on existing commercial agreements.
Adapted from press release by Katie Woodward