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

 


Shell Sells Mckee And Mangahewa Fields To Todd

Shell has agreed to sell the McKee and Mangahewa oil and gas fields to Todd Energy for an undisclosed sum.

The sale of McKee and Mangahewa is part of the divestment undertaking given by Shell to the Commerce Commission at the time Shell acquired Fletcher Challenge Energy.

Shell (Petroleum Mining) Managing Director and Shell Country Chairman in New Zealand Dr Lloyd Taylor said Shell was pleased to have reached agreement on the sale.

"Shell is pleased that we are able to sell the McKee and Mangahewa assets to a New Zealand company that has been, and continues to be, committed to the growth and development of New Zealand's energy resources," Dr Taylor said.

The transaction will need the consent of the Minister of Energy and is expected to become final by the middle of March 2002.

Shell has also agreed to sell to Todd Energy a 3.7% (approx) share in the offshore Pohokura field. This interest supplements Todd Energy's existing 15% holding in the undeveloped oil and gas field.

Shell expects to make further announcements regarding divestments in the near future.

Today's announcement completes the sale of all the onshore assets to be sold by Shell, with the exception of half of Shell's holding in the Ngatoro field. An announcement on this final onshore divestment will be made shortly. Shell announced the sale of the four TAWN fields to Swift Energy of New Zealand on 4 December 2001, and the sale of the Kaimiro field and half of Shell's holding in the Ngatoro field to Greymouth Petroleum on 25 February 2002.

Divestments still to be completed are the sale of 22.5% of the Kupe field (14.25% has already been sold to Genesis Power) and 10% of Maui. In addition, Shell will be divesting two small gas wholesaling companies - Fletcher Challenge Gas Investments Ltd and Kapuni Gas Contracts Ltd.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news