The deal, which is subject to the usual regulatory and co-venturer approvals and the
approval of the Boards of Shell and Woodside Energy Limited and Woodside Petroleum Limited's shareholders, affects the Cossack-Wanaea-Lambert-Hermes and the Egret oil ventures and certain oil exploration opportunities on the North West Shelf. The sale is in line with Shell’s portfolio management strategy.
Commenting on the sale today, Shell Development Australia Chief Operating Officer, Chris Gunner, said the divestment was an adjustment in part of the portfolio consistent with Shell’s continued emphasis on development of its gas opportunities in Australia.
“Shell’s commitment to Australia is evidenced by our heavy investment in the North West Shelf and Gorgon Joint Ventures, and also by our increased activity in the acquisition of new exploration permit areas, farm-ins & the purchase of rights to the gas in the Crux field.”
“In addition our exploration in the Browse Basin reflects the importance of Australia to Shell's global LNG portfolio”.
“We see this as an opportune time to focus our efforts on integrated gas and look forward to continuing our very successful participation in the North West Shelf Project, as well as a range of other joint ventures.”
-End- For further information contact:
ANITA HARBEN, Communications Manager, Shell Development (Australia) Pty Ltd, Mobile: 0414 453 990, Email:  anita.harben@shell.com, Tel: 08 9213 4613
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