OMV, an Austrian oil and gas firm, has received approval from the Commerce Commission of New Zealand to acquire Dutch peer Royal Dutch Shell’s gas and liquids assets in New Zealand.
In March, Royal Dutch Shell announced plans to sell its remaining New Zealand business to OMV for $578 million, as part of a $30 billion international divestment programme.
The assets being sold to OMV include its 83.75 percent stake in the Maui and 48 percent in Pohokura gas field joint ventures with Todd Energy and the associated production, pipeline, and bank assets.
In 2010, Royal Dutch Shell sold its distribution and petrol station assets to New Zeland fuel distributor Z Energy, and its 60-year-old Kapuni onshore oil and gas field to its joint venture partner in the field locally owned Todd Energy.