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Royal Dutch Shell announced last week that it was selling its stake in a New Zealand entity to Austrian energy company OMV, including onshore and offshore assets
, for $578 million.
The decision follows the sale of Shell's stake in Kapini last year and a two-year strategic review of the company's portfolio in New Zealand, which Shell said was part of
its $30 billion divestment target by the end of 2018.
According to reports, the transaction will be completed in the fourth quarter of this year
.
In addition, the two companies have entered into an agreement for Shell's stake and operating rights in the Great Southern Basin Project, which includes a previously anticipated $50 million drilling program
.
Maarten Wetselaar, Head of Gas Integration and New Energy at Shell, said the announcement was another step forward in the company's reshaping and simplification of planning, which will help further deepen Shell's financial resilience and competitiveness to become a world-class business
.
At present, the transaction is subject to approval by the relevant authorities
.
Once closing, Shell Taranaki and Shell New Zealand's employees will become part of
OMV New Zealand.
Restructuring and transformation
It is reported that due to the continued low oil prices, the world's second largest oil company, Royal Dutch Shell, has to carry out corporate restructuring and transformation
.
In March 2017, Shell sold Canadian oil sands assets to Canadian Natural Resources for US$8.
5 billion
.
In July 2017, Shell sold its 45% stake in Ireland's Corrib Gas Company to the Canadian Pension Plan Investment Board CPPIB for US$1.
23 billion, marking Shell's official exit from the Irish gas upstream market
.
In August 2017, Shell announced plans to cut more than 400 jobs at its headquarters in the Netherlands, mainly in the field of
large-scale projects and energy technology.
In September of the same year, due to poor financial conditions and an impasse in negotiations with the local government, Shell planned to give up 45% of the Majnoon field in southern Iraq and withdraw from the development
of this large oil field.
In February 2018, Royal Dutch Shell sold its stake in Thailand's Bongkot gas field to Kuwait Overseas Petroleum Exploration for
$900 million.
In March 2018, Shell announced the sale of some of its oil and gas assets in Norway, bringing Shell's divestiture program to $25 billion
.
Royal Dutch Shell announced last week that it was selling its stake in a New Zealand entity to Austrian energy company OMV, including onshore and offshore assets
, for $578 million.
The decision follows the sale of Shell's stake in Kapini last year and a two-year strategic review of the company's portfolio in New Zealand, which Shell said was part of
its $30 billion divestment target by the end of 2018.
According to reports, the transaction will be completed in the fourth quarter of this year
.
In addition, the two companies have entered into an agreement for Shell's stake and operating rights in the Great Southern Basin Project, which includes a previously anticipated $50 million drilling program
.
Maarten Wetselaar, Head of Gas Integration and New Energy at Shell, said the announcement was another step forward in the company's reshaping and simplification of planning, which will help further deepen Shell's financial resilience and competitiveness to become a world-class business
.
At present, the transaction is subject to approval by the relevant authorities
.
Once closing, Shell Taranaki and Shell New Zealand's employees will become part of
OMV New Zealand.
Restructuring and transformation
Restructuring and transformationIt is reported that due to the continued low oil prices, the world's second largest oil company, Royal Dutch Shell, has to carry out corporate restructuring and transformation
.
In March 2017, Shell sold Canadian oil sands assets to Canadian Natural Resources for US$8.
5 billion
.
In July 2017, Shell sold its 45% stake in Ireland's Corrib Gas Company to the Canadian Pension Plan Investment Board CPPIB for US$1.
23 billion, marking Shell's official exit from the Irish gas upstream market
.
In August 2017, Shell announced plans to cut more than 400 jobs at its headquarters in the Netherlands, mainly in the field of
large-scale projects and energy technology.
In September of the same year, due to poor financial conditions and an impasse in negotiations with the local government, Shell planned to give up 45% of the Majnoon field in southern Iraq and withdraw from the development
of this large oil field.
In February 2018, Royal Dutch Shell sold its stake in Thailand's Bongkot gas field to Kuwait Overseas Petroleum Exploration for
$900 million.
In March 2018, Shell announced the sale of some of its oil and gas assets in Norway, bringing Shell's divestiture program to $25 billion
.
