INDEPENDENT NEWS

Shell Sells TAWN Assets To Swift Energy

Published: Tue 4 Dec 2001 10:33 AM
Shell Managing Director (Exploration and Production) Dr Lloyd Taylor today announced that Shell had reached agreement to sell its 96.76% interest in the TAWN oil and gas fields and associated production facilities and licence areas to Swift Energy of the United States.
In addition to a cash payment, Shell has also received from Swift the rights to acquire interests in several prospective oil and gas properties in New Zealand.
The assets were acquired by Shell through the acquisition of Fletcher Challenge Energy earlier this year. At that time, Shell gave an undertaking to the New Zealand Commerce Commission to divest certain FCE assets, including the TAWN properties.
“This sale is a further step in the divestment of assets by Shell in accordance with that undertaking,” Dr Taylor said.
“We anticipate that most of the staff associated with the management of the TAWN fields will be absorbed into Swift’s operations in New Zealand. Shell and Swift are working with staff to ensure fair treatment of all staff affected by this sale.”
The sale is expected to close by January 2002, and the hand over of the assets to be complete shortly thereafter.
Dr Taylor said Shell was proceeding with the divestment process and more announcements could be expected over the next few weeks.
ENDS

Next in Business, Science, and Tech

Services lead GDP growth
By: Statistics New Zealand
Letter to Immigration Minister From Early Harvesting Growers
By: One Plus One
Scientists discover one of world’s oldest bird species
By: Canterbury Museum
Helping regions fill skills shortages and Kiwis come first
By: New Zealand Government
Report: Govt Inquiry into Auckland Fuel Supply Disruption
By: Inquiry into The Auckland Fuel Supply Disruption
NZ economy grows 0.5% in June quarter, beating expectations
By: BusinessDesk
Don’t blame President Trump for slowing economy
By: New Zealand National Party
Labour's big government economic policies continue to fail
By: ACT New Zealand
Kiwi economic growth slows. We need fiscal caffeination
By: Kiwibank
Weakening economic growth shows need for tax cuts
By: New Zealand Taxpayers' Union
Employers pen open letter to Minister in ‘desperation’
By: New Zealand National Party
Dismissive Minister out of touch with reality
By: ACT New Zealand
Labour issues in booming sector
By: Bayleys
Migrant Workers Association criticises work visa overhaul
By: RNZ
More detail needed on migrant worker policy
By: BusinessDesk
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media