Shell Selling New Zealand Assets to OMV for $578 Million
15 Março 2018 - 7:10PM
Dow Jones News
By Robb M. Stewart
Royal Dutch Shell PLC (RDSB) has moved to withdraw from New
Zealand with a deal to sell its interests in a portfolio of energy
assets to OMV AG (OMV.VI) for US$578 million.
The sale follows a two-year review of Shell's operations in the
country and 2017 sale of its 50% stake in the Kapuni natural-gas
field to local venture partner Todd Energy. Shell has pledged to
sell US$30 billion worth of assets by the end of 2018 as it seeks
to simplify its portfolio and refocus on natural-gas and deep-water
oil businesses.
The agreement with Vienna-based oil-and-gas producer OMV covers
Shell's interests in eight New Zealand businesses, and also
includes a deal to sell Shell's stake in the Great South Basin
venture and a roughly US$50 million drilling commitment.
"Today's announcement is another step towards reshaping and
simplifying our company, deepening Shell's financial resilience and
competitiveness," Maarten Wetselaar, Shell's director for
integrated gas and new energies, said.
Shell has operated in New Zealand for about 100 years, and its
businesses account for about half of the country's natural-gas
production and a large chunk of light oil output. The assets
include an 84% interest in the Maui gas field off the Taranaki
coast that was discovered in 1969, a 48% stake in the Pohokuru
field that came on stream in 2006 and a 61% stake in the Great
South Basin permit off the coast of Otago and Southland. It also
owns the Tank Farm, which is made up of a number of sites where
Shell operates tanks holding condensate and naphtha.
The deal with OMV remains subject to regulatory approval and is
expected to complete by the end of the year, Shell said. Until
then, it said it would continue to run the business as it currently
is.
Employees of the companies two arms in the country, Shell
Taranaki Ltd. and Shell New Zealand, will become part of OMV.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
March 15, 2018 17:55 ET (21:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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