(Image courtesy of Shell)

Shell announced on Tuesday the sale of most of its stake in Australia’s Woodside Petroleum, according to the company.

The value of the sale is around $5.7 billion.

The deal comes as Shell realigns its focus on developing its own gas assets in Australia.

After the sale, Shell will hold a 4.5 percent interest in Woodside, down from 23.1 percent.

Under the terms of the deal, Woodside will buy back and cancel half the shares Shell is selling. This will effectively boost its earnings per share by 6 percent, according to the Australian company.

In 2001, Shell failed its attempt to take over Woodside. The deal was blocked by the Australian government.


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