Shell Sells Stake in Wheatstone LNG Project

Royal Dutch Shell on Monday announced it has agreed to sell its 8% equity interest in the Wheatstone-Iago Joint Venture and 6.4% interest in the 8.9 million tonnes per annum Wheatstone liquefied natural gas (LNG) project in Western Australia for about $1.2 billion to the Kuwait Foreign Petroleum Exploration Company (KUFPEC).

“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,” Shell Chief Executive Officer Ben van Beurden said.

The agreement with KUFPEC, an existing Wheatstone joint-venture partner, ensures there will be no impact on existing commercial agreements, Shell said in a statement.

The project is being developed and will be operated by Chevron. 

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