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


Shell Sells Its Share in Kapuni to Todd Energy



Shell Sells Its Share in Kapuni to Todd Energy

Shell advises it has entered into a sale and purchase agreement (SPA) for the sale of Shell’s interests in the Kapuni assets to Todd Energy, a New Zealand company that has been in the Kapuni Joint Venture since the venture’s formation in 1955.

The deal sees Shell acquire the remaining 50% of the joint venture operating company, STOS, from Todd Energy thereby owning 100% of the shareholding of STOS upon completion of the deal. This will simplify Shell’s operational structure in preparation for any possible portfolio changes on the remaining assets.

“We are pleased to be selling our interest in Kapuni to our long term joint venturer Todd Energy which, as an original participant in Kapuni, has demonstrated a huge commitment to the asset, the region and to New Zealand,” says Rob Jager, Country Chair of Shell NZ.

The SPA is subject to certain conditions which include normal regulatory approvals and is likely to take some months to complete.

Operatorship of the Kapuni field will transfer to Todd upon completion.

As part of the deal, about 50 employees working on Kapuni may have their positions and their employment transferred to Kapuni Services Limited (KSL), which upon completion will be owned by Todd Energy.

At this time of change, there are two high priorities - continuing to run our assets in a safe and reliable manner and care for our people.

Respect and care for employees has been a key consideration for Shell through the strategic review and will remain so in the period ahead.

Shell will continue to explore divestment options for its remaining assets and interests in New Zealand. This is consistent with the Shell Group’s approach to re-shaping its global portfolio in line with its long-term strategy.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Commerce Commission: Warns Genesis Over Business Billing Errors

The Commerce Commission has issued a warning to Genesis Energy Limited about billing errors concerning electricity line charges to business customers. Genesis reported the errors to the Commission. The Commission considers that Genesis is likely to ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>

The Conversation: Why Now Would Be A Good Time For The Reserve Bank Of New Zealand To Publish Stress Test Results For Individual Banks

Set against the backdrop of an economy healing from 2020’s annus horribilis , this week’s Financial Stability Report (FSR) from the Reserve Bank (RBNZ) was cautiously reassuring: the country’s financial system is sound, though vulnerabilities remain. More>>