The Abu Dhabi National Oil Company (ADNOC), through its international arm XRG, is exploring opportunities in Canada's upstream and liquefied natural gas (LNG) sectors. This interest was confirmed by a senior company executive, indicating a strategic expansion into the Canadian energy market.
Separately, XRG has also been in discussions regarding a minority stake in Shell Plc's A$34 billion ($24 billion) North West Shelf (NWS) gas export plant in Western Australia. These talks are reportedly in their initial stages and include other potential suitors like Midocean Energy LLC, which has Saudi Aramco as an investor.
XRG's reported consideration of a bid for Shell's 16.67% stake in the NWS project, valued at approximately $2 billion, follows a previous unsuccessful attempt to acquire Santos through a joint venture with The Carlyle Group. The NWS plant is a significant facility in Australia and a critical asset for maintaining a reliable domestic gas system in Western Australia. Woodside is the dominant shareholder in the project with a 50% stake, while BP, Mitsubishi, and Mitsui each hold 16.6%. The move by XRG signals an increased focus on expanding its global energy portfolio.
