OMV to acquire Shell’s upstream business in New Zealand

OMV AG, Vienna, has reported it would acquire the upstream assets in New Zealand for US$578 million from Royal Dutch Shell Plc.

The deal adds recoverable resources of as much as 100 million boe to OMV’s portfolio, the company said.

The company noted the move was an “important step to develop Australasia into an OMV core region.”

The assets comprise joint venture interests in Pohokura (48%), the largest gas producing field in New Zealand, and Maui (83.75%) as well as related infrastructure for production, storage, and transportation.

OMV is an existing partner in the acquired assets. OMV’s current stakes are 26% in Pohokura and 10% in Maui, and the company said it plans to assume operatorship in both joint ventures.

Source: Oil & Gas Journal