Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Shell Sells TAWN Assets To Swift Energy

Shell Managing Director (Exploration and Production) Dr Lloyd Taylor today announced that Shell had reached agreement to sell its 96.76% interest in the TAWN oil and gas fields and associated production facilities and licence areas to Swift Energy of the United States.

In addition to a cash payment, Shell has also received from Swift the rights to acquire interests in several prospective oil and gas properties in New Zealand.

The assets were acquired by Shell through the acquisition of Fletcher Challenge Energy earlier this year. At that time, Shell gave an undertaking to the New Zealand Commerce Commission to divest certain FCE assets, including the TAWN properties.

“This sale is a further step in the divestment of assets by Shell in accordance with that undertaking,” Dr Taylor said.

“We anticipate that most of the staff associated with the management of the TAWN fields will be absorbed into Swift’s operations in New Zealand. Shell and Swift are working with staff to ensure fair treatment of all staff affected by this sale.”

The sale is expected to close by January 2002, and the hand over of the assets to be complete shortly thereafter.

Dr Taylor said Shell was proceeding with the divestment process and more announcements could be expected over the next few weeks.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Super Fund/Canada Bid v NZTA: Tow Preferred Bidders For Auckland Light Rail

The two preferred delivery partners for Auckland light rail have been chosen and a final decision on who will build this transformational infrastructure will be made early next year, Minister of Transport Phil Twyford announced. More>>

ALSO:

9.3 Percent: Gender Pay Gap Unchanged Since 2017

“While it has remained flat since 2017, the gender pay gap has been trending down since the series began in 1998, when it was 16.2 percent,” labour market statistics manager Scott Ussher said. More>>

ALSO:

Ex-KPEX: Stuff Pulls Pin On Media Companies' Joint Ad-Buying Business

A four-way automated advertising collaboration between the country's largest media companies is being wound up after one of the four - Australian-owned Stuff - pulled the pin on its involvement as part of a strategic review of its operations ... More>>

Bus-iness: Transdev To Acquire More Auckland And Wellington Operations

Transdev Australasia today announced that it has agreed terms to acquire two bus operations in Auckland and Wellington, reaching agreement with Souter Investments to purchase Howick and Eastern Buses and Mana Coach Services. More>>

ALSO: