Shell sells its New Zealand assets to OMV for USD578 million

shell

Royal Dutch Shell said it has completed the sale of its shares in Shell entities in New Zealand, to OMV for $578 million.

This includes the Māui, Pohokura, and Tank Farm assets, and the sale of Shell’s interest in (and operatorship of) the Great South Basin venture, which was subject to a separate agreement.

The sale is consistent with Shell’s 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,” said Zoe Yujnovich EVP, Australia and New Zealand.

“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.

The company produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, it has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions.