Royal Dutch Shell is selling its upstream assets in New Zealand to Austria's OMV AG for $578 million, the companies said on March 15.
"Today's announcement is another step towards reshaping and simplifying our company," Shell's Integrated Gas & New Energies Director Maarten Wetselaar said.
The agreement includes the sale of Mui, Pohokura and Tank Farms. After deal closure, Shell Taranaki and Shell New Zealand employees will become a part of OMV New Zealand, Shell said.
"This acquisition is an important step to develop Australasia into a core region in line with our new strategy," OMV CEO Rainer Seele said.
Shell has sold or agreed to sell over $25 billion of assets as part of a three-year programme to dispose of $30 billion by the end of 2018, following the acquisition of BG Group in 2016.
Shell sold its stake in Kapuni gas field, New Zealand's second-largest, for an undisclosed price in 2017.
The March 20 lease sale in the U.S. Gulf of Mexico brought in $244.3 million in high bids.
BHP Group Ltd. has stepped up exploration drilling in deepwater off Trinidad and Tobago hunting for gas which could supply the country’s Atlantic LNG plant in the 2020s, a senior executive said.
Chevron in July kicked off the sale of its central North Sea oil and gas fields Alba, Alder, Captain, Elgin/Franklin, Erskine and Jade as well as the Britannia platform and its satellites.