Shell sells assets to Greymouth
26 Feb 2002
Shell New Zealand has sold its interests in the Kaimiro and Ngatoro oil and gas fields in Taranaki to New Zealand-owned Greymouth Petroleum.
Interests in the Kaimiro and Ngatoro fields were formerly owned by Fletcher Energy. Shell is required to sell part of the assets by March 31st following its $5 billion purchase of Fletcher Energy last March.
An industry player estimated the value of the sale at less than $50 million.
Final settlement for the sale of Kaimiro and Ngatoro interests will take place once regulatory formalities have been completed.
Shell expects in the near future to announce further divestments, in line with the conditions laid down by the Commerce Commission at the time Shell acquired Fletcher Energy.
It sold the 'Tawn' fields (Tariki, Ahuroa, Waihapa and Ngaere fields) to Texas-based Swift Energy last month for about $130 million. Shell must also divest the McKee and Mangahewa fields and said recently it had two buyers lined up.
It is also selling interests in Maui (10%), Pohokura (3%) and Kupe (36%).
