Shell has launched a divestment process for its 16.67% stake in the North West Shelf joint venture.
Codenamed "Project Adenium," the sale of the stake—valued at approximately US$3 billion—signals a fundamental misalignment between the supermajor's global strategy and the project’s transition into a third-party tolling model.
The NWS, Australia's oldest and largest LNG complex, is pivoting toward processing gas for external users to extend the life of the Karratha Gas Plant through 2070.
However, analysts suggest Shell has little appetite for remaining a passive participant in an aging infrastructure asset where returns are increasingly diluted by rising maintenance and decommissioning costs.
The strategic retreat follows Shell’s recent exit from the Browse Basin development, where structural conflicts arose over paying third-party fees to process gas through facilities Shell no longer wishes to anchor.