Royal Dutch Shell plc has completed the sale of its shares in Shell entities in New Zealand to OMV for US$578 million ($815.24 million).
OMV is an Austrian oil and gas company that has been active in Australia since 1998.
Shell says the sale includes the Māui, Pohokura and Tank Farm assets. It also includes the sale of Shell’s interest in, and operatorship of, the Great South Basin venture. This was subject to a separate agreement.
‘A world-class investment’
According to Shell, the sale is consistent with its “global drive to simplify the upstream portfolio and re-shape the company into a world-class investment”.
Executive Vice President Zoe Yujnovich said: “We’re proud of having worked in New Zealand for more than 100 years. Completion of the sale to OMV marks an important milestone in the company’s history.
“Shell staff in New Zealand, past and present, have been key to building a successful New Zealand business. I wish our colleagues all the very best as OMV takes the business forward.”
Employees of Shell Taranaki Limited and Shell NZ 2011 Limited are now part of OMV New Zealand.
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