Anglo-Dutch supermajor Shell has completed the US$2.5 billion divestment of a stake in the Queensland Curtis LNG (QCLNG) common facilities in Australia to Global Infrastructure Partners Australia.
The common facilities include liquefied natural gas storage tanks, jetties and operations infrastructure that service QCLNG’s liquefaction trains.
The 26.25% stake sale, which Shell on Monday announced had completed following regulatory approval, leaves the operator with the majority 73.75% interest – aligning with its equal interest in the overall QCLNG venture.
Shell has embarked on the sale of non-core assets to further high-grade and simplify the company’s portfolio.
The supermajor noted this latest sale would contribute to its expected divestment proceeds “without impact on people or the operations of the QCLNG venture”.
This transaction has no impact on the ownership structure of QGC or QCLNG.
Shell remains the operator and majority interest holder in QGC, together with China National Offshore Oil Corporation (50% equity in Train 1) and Tokyo Gas (2.5% equity in Train 2), which also remains unchanged following this transaction.
The QCLNG project comprises two trains with a combined nameplate capacity of 8.5 million tonnes per annum that receives its feed gas from coalbed methane fields in Queensland's onshore Bowen and Surat basins.
Cleanest burning hydrocarbon
“Due to the advantages it offers as a complement to renewable energy and as the cleanest burning hydrocarbon, natural gas is a core component of Shell’s strategy to provide more and cleaner energy solutions,” said the company.
“Global LNG demand is expected to outpace total demand for energy and the QCLNG venture is crucial in helping Shell meet the world’s growing energy needs.”
The QCLNG common facilities’ stake purchaser is an affiliate of Global Infrastructure Partners, an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses.
The transaction has an economic reference date of 1 January 2021.