Royal Dutch Shell plc has plans to sell its shares in Shell entities in New Zealand to Vienna-based OMV for $578 million. The firm has been operating in the country for more than 100 years. And OMV has been in New Zealand since 1999.
The agreement includes Māui, Pohokura and the Tank Farms. Shell also has 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 sale is part of Royal Dutch Shell’s divestment plan, to sell off some $30 billion of assets by the end of 2018. The Anglo-Dutch firm is working to cut debt following its $54 billion acquisition of BG Group.
