Shell: sells New Zealand businesses to Austrian partner OMV
(CercleFinance.com) - Royal Dutch Shell said it has reached an agreement to sell its businesses in New Zealand to Austria's OMV for 578 million dollars.
The sale - which concludes a two-year strategic review - is consistent with Shell's strategy of divesting 30 billion dollars of assets by the end of 2018, the oil giant said.
While Shell attempts to simplify its upstream portfolio, the agreement also includes operatorship of the Great South Basin exploration joint venture, which had OMV as one of its partners.
The transaction is likely to be completed by the fourth quarter of 2018, Shell said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The sale - which concludes a two-year strategic review - is consistent with Shell's strategy of divesting 30 billion dollars of assets by the end of 2018, the oil giant said.
While Shell attempts to simplify its upstream portfolio, the agreement also includes operatorship of the Great South Basin exploration joint venture, which had OMV as one of its partners.
The transaction is likely to be completed by the fourth quarter of 2018, Shell said.
Copyright (c) 2018 CercleFinance.com. All rights reserved.