XRG Agrees to Acquire Interest in Australia's North West Shelf Project

XRG today announced it has entered into an agreement to acquire Shell's interest in the North West Shelf project in Western Australia, for $1.45 billion, subject to regulatory approvals and customary closing conditions.

The acquisition represents XRG's first investment in Australian LNG and a significant milestone in the company's international gas growth strategy. It would establish a strategic position for XRG in close proximity to demand growth in the Asia-Pacific region, providing access to world-scale LNG infrastructure and equity LNG supply from one of the industry's most established energy projects.

For more than four decades, the North West Shelf Project has played a defining role in Australia's economic development as the country's first LNG project. The asset has supported domestic energy supply, jobs, international trade, and Australia's emergence as a leading global energy exporter.

Mohamed Al Aryani, President of XRG International Gas, said: "The North West Shelf investment created Australia's LNG industry and continues to contribute to the nation's economy, energy security, and prosperity. We recognize its importance and are committed to its long-term success. This investment advances XRG's strategy to build a leading international gas business serving growing demand across Asia-Pacific. The North West Shelf combines immediate production, strategic infrastructure, and future upstream development opportunities, making it a strong fit with our long-term ambitions."

"XRG understands the importance of balancing export success with local energy needs. We believe continued investment in the North West Shelf can help sustain domestic gas supply, support regional energy security, create jobs, and deliver lasting economic benefits for Australia."

XRG believes the North West Shelf can continue to play a key role in supporting both domestic and export gas supply for decades to come.

Venture Global and China Gas Announce New Long-Term LNG Agreement

Today, Venture Global, Inc. (“Venture Global”; NYSE: VG) and China Gas Holdings Limited (“China Gas”; stock code: 0384.HK), a leading natural gas operator in China, announced the execution of a new Sales and Purchase Agreement (SPA) for the purchase of 0.5 million tonnes per annum (MTPA) of U.S. liquefied natural gas (LNG) from Venture Global for twenty years starting in 2030. This SPA brings Venture Global’s current long-term offtake with China Gas, to 2.5 MTPA under 20-year SPAs supplied across Venture Global’s portfolio.

“Venture Global is pleased to expand our LNG partnership with China Gas, a leading natural gas operator in China, supplying the country’s growing energy needs with reliable, low-cost American LNG from across our Louisiana projects,” said Venture Global CEO Mike Sabel.

“We are pleased to deepen our long-standing partnership with Venture Global through this new agreement,” said Mr. Liu Ming Hui, Chairman and President of China Gas. “It further strengthens our portfolio and reinforces our commitment to establishing an international energy trading platform that connects high-quality global resources with rising energy demand worldwide.”