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Shell Sells Last Of Kupe Stake To Genesis And NZOG

Shell today announced the sale of its remaining 22.5% shareholding in the offshore Kupe oil and gas field to Genesis Power and New Zealand Oil and Gas, for an undisclosed sum.

Genesis will acquire a further 20% interest, with NZOG taking up the other 2.5%.

In March last year, Shell sold a 14.5% interest in Kupe to Genesis.

Shell New Zealand Chairman Lloyd Taylor noted that both Genesis Energy and NZOG are substantial players in New Zealand's energy industry.

"Shell is pleased that our remaining interest in the Kupe field has been sold to two companies who have a strong commitment to New Zealand's energy future. The sale simplifies the Kupe joint venture ownership structure. As a result, it increases the likelihood of development of the field in the near term. This was a major objective of the Commerce Commission in seeking the undertaking from Shell to divest of the field. The sale is a manifestation of Shell's commitment to deliver a competitive upstream gas industry in accordance with the wishes of the Commission " Dr Taylor said.

Dr Taylor also confirmed the sale of Shell's remaining holding in the Ngatoro field to Greymouth Petroleum, which concludes the sale of Shell's near 60% share in Ngatoro. Completion of this sale is expected in the near future.

Shell has now sold all onshore and offshore assets required of it by the Commerce Commission when it acquired Fletcher Challenge Energy in 2001, with the exception of 10% of Maui and two small gas wholesaling companies - Fletcher Challenge Gas Investments Ltd and Kapuni Gas Contracts Ltd.

ENDS

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