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Staying consistent with its divestment campaign, supermajor Shell has concluded the $578 million-sale of shares in its New Zealand entities to OMV. Shell has farmed out its assets in Māui, Pohokura, and Tank Farm. Shell’s interest in the Great South basin venture was sold under a separate agreement. Employees of Shell Taranaki Limited and Shell NZ 2011 Limited will become part of OMV New Zealand.
Worley Parsons informed that as a part of its JV with BP Plc, it has planned on taking 50% shareholding in New Zealand Oil Services (NZOSL).Under the deal between Worley Parsons and BP Oil New Zealand, NZOSL will assist with engineering, project delivery and asset management services for BP’s 7 fuel storage, handling and distribution facilities in New Zealand. Worley Parsons will become the preferred contractor of NZOSL.
With the objective of becoming carbon-neutral by 2050, New Zealand draws a line on the sand with a ban on offshore oil and gas exploration. Aligning with the Paris targets, this step is important to create a clean, green and sustainable future for the country. However, the opposition has termed it as “economic vandalism”.
Royal Dutch Shell, the Anglo-Dutch energy giant, is all set to sell assets in New Zealand to the Austrian oil and gas syndicate OMV for US$578mn. Shell aspires to become a world class investment and this sale is one step forward in the direction of reshaping and simplification of the company. The head of OMV believes that the purchase would help in developing Australasia as a core region.