Austrian energy company OMV has acquired British-Dutch rival Royal Dutch Shell’s New Zealand oil and gas assets for $578 million.

The acquired assets consist of the Maui and Pohokura fields, and tank farms, and Shell's stake in and operatorship of the Great South Basin venture, subjected to a separate deal.

From 2016 to 2018, Shell has been implementing a $30 billion divestment plan which included oil sands stake in Canada, onshore upstream operations in Gabon, assets in the UK North Sea, and Australia.

Royal Dutch Shell said that the divestment is in line with its global drive to simplify its upstream assets.