IMO Shell's agreement with NXS was finalised for self interest reasons. Once Shell is satisfied that NXS has secured it's funding, decided on FID and has demonstrated it has the wherewithall to go forward with Crux, Shell will come back to NXS to negotiate a JV development of the gas and liquids at Crux. It is the most logical development option. I can't see Shell happily sitting back and waiting until 2023 before it can get it's gas out.
If NXS can't demonstrate it can go it alone(ie.without Shell), Shell will simply wait 6 months or so for NXS to come back to it cap in hand and NXS will have to accept whatever Shell is then prepared to offer on a JV. For now Shell knows it has the box seat but once NXS can proceed without Shell, then Shell will have to negotiate on a more even footing.
ANZ
nexus and shell agree on terms to extend crux , page-3
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