Kuwait Foreign Petroleum Exploration Company K.S.C. agreed to acquire an additional 8% equity interest in the Wheatstone-Iago Joint Venture and 6.4% interest in Wheatstone liquefied natural gas project in Western Australia from Royal Dutch Shell plc for $1.1 billion.

Kuwait Foreign Petroleum Exploration Company K.S.C. agreed to acquire an additional 8% equity interest in the Wheatstone-Iago Joint Venture and 6.4% interest in Wheatstone liquefied natural gas project in Western Australia from Royal Dutch Shell plc (ENXTAM:RDSA) and Shell Development (Australia) Proprietary Limited for $1.1 billion in cash on January 20, 2014. Royal Dutch Shell sold its 6.4% interest in liquefied natural gas project and Shell Development (Australia) sold its 8% interest in Wheatstone-Iago Joint Venture. The deal will ensure that there will be no impact on existing commercial agreements.

The transaction is subject to a number of conditions, including Foreign Investment Review Board approval by the Commonwealth Government of Australia and also joint venture approvals. Geoff Simpson and Luke Nicholls of Allen & Overy Australia acted as the legal advisors to Kuwait Foreign Petroleum Exploration Company K.S.C.