Shell Completes New Zealand Exit With $578 Million Sale To OMV

Royal Dutch Shell Plc (NYSE: RDS.A) completed the sale of its remaining upstream assets in New Zealand to Austria’s OMV AG for $578 million, the companies said Dec. 28.

The sale, which is part of Shell’s three-year program to dispose of $30 billion by the end of 2018, included the company’s Māui, Pohokura and Tank Farm assets in New Zealand. Additionally, OMV acquired Shell’s interest in and operatorship of the Great South Basin venture, which was subject to a separate agreement. Shell Taranaki and Shell New Zealand employees have now also become a part of OMV New Zealand.

“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 executive vice president of Shell Australia and New Zealand.