Shell sells Woodside stake

Shell's Chief Financial Officer Jessica Uhl.

Shell's Chief Financial Officer Jessica Uhl.

Shell’s Australian subsidiary, Shell Energy Holdings Australia Limited, will sell its 13.28 per cent stake in Woodside Energy for US$2.7 billion (AU$3.5 billion).

Shell has recruited two investment banks to assist with the sale of its Woodside stake, which is expected to be completed today, with settlement expected on Thursday.

“This sale is another step towards the completion of our three-year $30 billion divestment program, which is an important part of our strategy to reshape Shell, to deliver a world class investment case, and to strengthen our financial framework,” said Shell Chief Financial Officer Jessica Uhl.

“Proceeds from the sale will contribute to reducing our net debt.”

Woodside Chief Executive Peter Coleman said the good working relationship between Woodside and Shell will continue.

“Shell remains a key joint venture partner in the North West Shelf project and Browse,” said Mr Coleman.

“Woodside will maintain a close working relationship with Shell – as a joint venture partner and customer of Shell technology – and we recognise that Shell will always be part of our history.”

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