Shell has agreed the sale of its 50% stake in New Zealand’s second largest gas field.
Todd Energy, which has been part of the Kapuni field joint venture since its formation in 1955, is the buyer.
It will take over the operatorship of Kapuni once the deal goes through.
Fifty employees will switch to Todd Energy upon completion.
Shell said the deal would “simplify its operating structure” ahead of future asset sales in New Zealand.
Rob Jager, country chair of Shell NZ, said: “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.”
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