Shell New Zealand has taken the first concrete steps in its effort to divest its New Zealand upstream assets, selling the 60-year-old Kapuni onshore oil and gas field to its joint venture partner in the field, locally owned Todd Energy. At the same time, Todd will relinquish its 50% interest in Shell Todd Oil Services (STOS), the umbrella company under which the two companies have managed oil and gas brought ashore from the Maui and Pohokura fields, off Taranaki. Shell and Todd have been running STOS together since 1955, according to Companies Office records. The value of the Kapuni deal, which includes the processing station for the oil field, remains confidential. The 50 employees at Kapuni are expected to transfer to the new company owning the Kapuni field, with no job losses.

Source: Otago Daily Times April 06, 2017 18:00 UTC