New Zealand Assets of Shell Offloaded to Austria’s OMV

By Raysonho @ Open Grid Scheduler / Grid Engine (Own work) [CC0], via Wikimedia Commons
Royal Dutch Shell Plc is about to sell its upstream assets in New Zealand to the OMV AG of Austria for $578 million, the companies disclosed on Thursday.

Maarten Wetselaar, the Integrated Gas & New Energies Director of Shell, stated: “Today’s announcement is another step towards reshaping and simplifying our company.”

The agreement that was finalised on Thursday includes the sale of Pohokura, Tank, and Māu Farms. After the closure of the said deal, Shell said that the employees of Shell New Zealand and Shell Taranaki will become a part of OMV New Zealand.

Rainer Seele, the CEO of OMV, stated: “This acquisition is an important step to develop Australasia into a core region in line with our new strategy.”

Shell has agreed to sell or sold assets that are worth more than $25 billion as a part of the three-year programme to dispose of $30 billion by the end of this year, after the acquisition of BG Group in 2016.

Last year, Shell sold its stake in the Kapuni gas field, the second-largest of New Zealand, for an undisclosed price.