Shell announced on Friday the completion of the sale of its shares in Shell entities in New Zealand to OMV for $578 million.
The entities sold to the Austrian company include the Maui, Pohokura, and Tank Farm assets, and the sale of Shell's interest in and operatorship of the Great South Basin venture, which was subject to a separate agreement, according to a statement from Shell.
The agreement to sell the entities was signed on March 15.
"The sale is consistent with Shell's global drive to simplify the upstream portfolio and re-shape the company into a world-class investment," the press release said.
Commenting on the sale, Zoe Yujnovich, executive vice president of Australia and New Zealand, said the sale marked an important milestone in the company's history having worked in New Zealand for more than 100 years.
"Shell staff in New Zealand, past and present, have been key to building a successful New Zealand business. I wish our colleagues all the very best as OMV takes the business forward," he added.
Employees of Shell Taranaki Limited and Shell NZ 2011 Limited are now part of OMV New Zealand.
By Hale Turkes