Markets

Shell Completes Sale Of New Zealand Assets To OMV For $578 Mln

Royal Dutch Shell ( RDS.A ) said Friday it has completed the sale of its stakes in New Zealand oil and gas fields to Austrian energy firm OMV for $578 million

The transaction involves the Maui, Pohokura, and Tank Farm assets, and, separately, the sale of the Anglo-Dutch major's interest in the Great South Basin venture, an undeveloped region to the south of the South Island where Shell has been conducting exploratory drilling.

The two companies announced the sale in March. The transaction was approved in August by the New Zealand Commerce Commission.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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