Morocco’s $240 million sustainable aviation fuel project secures Shell deal, positioning North Africa for aviation’s energy transition

Shell and partners bid on eight offshore exploration licenses in Newfoundland, committing over $240 million. Shell also acquired a 30% stake in Equinor's Bay du Nord project, which could extract 400 million barrels. The regulator received 10 total bids, the most since 2000.

ADNOC's XRG agreed to buy Shell's stake in Australia's North West Shelf LNG project for $1.45 billion, pending regulatory approval. Shell also announced a share buyback program, with BNP Paribas and Natixis making independent trading decisions through 2027.

The Competition Commission of India (CCI) approved five transactions. Key deals include the merger of Sapphire Foods and Devyani International, creating a major operator of KFC and Pizza Hut outlets with over 3,000 stores and Rs. 80 bn annual turnover. Aditya Birla Renewables acquired Solenergi Power from Shell for Rs. 172 bn. Adani Energy Solutions bought IntelliSmart Infrastructure for Rs. 30.5 bn. Prosus' subsidiary acquired a stake in Navi, and Vega acquired 16.2% of Vodafone Group.

Africa's LNG exports are projected to grow 175% by 2034, reaching 98 bcm, driven by investments in Mozambique, Nigeria, Angola, Libya, and Ivory Coast. Mozambique's TotalEnergies (TTE) and Eni (E) projects, along with ExxonMobil's (XOM) Rovuma LNG, are key drivers. Nigeria's Train 7 expansion and Senegal-Mauritania's GTA project also contribute. TotalEnergies' Namibia projects and Tanzania's $42B LNG project, involving Equinor (EQNR) and Shell (SHEL), are notable.

The UK government introduced the Energy Independence Bill, ending new oil and gas exploration licenses but allowing additional production near existing fields via Transitional Energy Certificates. Shell, a 50% owner of Adura (a major North Sea producer), has significant interests in this legislation, as it could impact its 12 producing assets and development projects. The government estimates 60 million barrels of oil could be unlocked under the new rules.

Shell Australia agreed to sell its 16.67% stake in the North West Shelf (NWS) project to XRG P.J.S.C. subsidiaries for $1.45 billion, with a potential milestone-linked payment. The deal, subject to regulatory approval, is expected to close in 2027. Shell's stake includes upstream interests, pipeline, and midstream infrastructure. The NWS project is led by Woodside, with Chevron, BP, MIMI, and CNOOC as co-venturers. Shell aims to focus on advantaged integrated gas positions.