New Zealand: Upstream Business OMV Acquires Shell's Interests in New Zealand
Shell announced the sale of its shares in the company's entities in New Zealand to OMV for $ 578 million. This follows a two-year strategic review of Shell’s interests in New Zealand and the sale of their interest in Kapuni in 2017.
Amsterdam/The Netherlands — The transaction is part of the group's strategy of divesting $ 30 billion of assets by end 2018, and to simplify the company's upstream portfolio.
The agreement includes Māui, Pohokura and the Tank Farms. Shell has also entered into an agreement with OMV to sell its interest in (and operatorship of) the Great South Basin venture, which includes a drilling commitment currently estimated to be $ 50 million.
The Sales and Purchase Agreement is subject to certain conditions which include normal regulatory approvals and is likely to be complete by Q4 this year. As part of the deal, the employees of Shell Taranaki Limited and Shell New Zealand will become part of OMV New Zealand, upon completion of the deal.