Shell Completes NZ Asset Sale
Anglo-Dutch major Shell has completed the sale of its shares in Shell entities in New Zealand, to Austrian OMV for $578mn, it said December 28. This includes the Maui; the largest producing gas field Pohokura; the Tank Farm assets; and the sale of Shell's operated interest in the Great South Basin venture, which was subject to a separate agreement.
OMV has been partner in the acquired assets -- OMV’s former stakes: 26% in Pohokura and 10% in Maui -- and now assumes operatorship in both joint ventures. OMV has been partner in the acquired assets with 26% in Pohokura and 10% in Maui and now assumes operatorship in both joint ventures, it said.
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Shell said the sale was part of its global drive to simplify the upstream portfolio and re-shape the company into a world class investment.
"We are proud of having worked in New Zealand for more than 100 years and completion of the sale to OMV marks an important milestone in the company's history," Shell said. Its staff will now be employees of OMV.