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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

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