Company to sell NZ assets

ONE of the world’s biggest oil companies is leaving New Zealand.

Royal Dutch Shell is to sell its remaining interests in this country to the Austrian based OMV Energy for $790 million.

Shell has stakes in the Maui and Pohokura gas fields, storage facilities and an exploration permit for the Great South Basin.

The divestment is part of Shell’s restructuring of its global business to sell non-core assets and concentrate on key exploration and production regions to counter low oil prices.

Shell’s petrol station network was sold in 2010, becoming the locally-owned Z Energy, and it sold its gas and oil pipelines two years ago.

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