The logo of energy giant Royal Dutch Shell
Royal Dutch Shell ( RDS.A ) has agreed to sell a portfolio of energy assets in New Zealand to Vienna-based oil and gas company OMV for US$578 million, according to The Wall Street Journal.
Shell's petrol station network was sold in 2010, becoming the locally-owned Z Energy, and it sold its gas and oil pipelines two years ago.
OMV, the global integrated oil and gas company based in Vienna, has agreed to acquire Shell's Upstream business in New Zealand comprising joint venture interests in Pohokura (48%), the largest gas producing field in New Zealand, and Maui (83.75%) as well as related infrastructure for production, storage and transportation.
The purchase also includes infrastructure for production, storage and transportation, and will beef up OMV's interest in the Great South basin block to 82.93%, where it previously had a 21.95% stake.
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The deal is likely to be completed by the fourth quarter of the year pending regulatory approvals. "We are proud of having worked in New Zealand for more than 100 years".
The deal will give OMV Shell's 48% interest in the Pohokura gas field, in which the Austrian operator already holds a 26% stake. Our customers, our neighbours, the regulator and partners have been a critical part of this journey and integral to our successes.
"I want to emphasise that the business will continue to be run as it is now, until the deal is complete" says Rob Jager, Country Chair of Shell Companies in New Zealand.
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