Shell has sold its 50% stake in the Kapuni gas field, the second-largest in New Zealand, for an undisclosed price to its long-term partner Todd Energy as part of the major’s strategy to trim its asset portfolio.
"This 100% ownership of Shell Todd Oil Services will simplify Shell’s operational structure in preparation for any possible portfolio changes to the remaining assets," Rob Jager, Shell’s country chairman in New Zealand, told local media.
Kapuni, which was discovered in 1959, is the country’s oldest gas field. The field was...
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