Fate of Shell jobs, assets to be announced
Press conference scheduled for 10.30am.
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Hawke’s Bay
Oil giant Shell has scheduled a major announcement this morning from New Zealand chair Rob Jager.
The subject was not disclosed but it appears likely to be the outcome of a strategic review ongoing since late 2015.
In February Shell told NBR: “Shell continues to explore a range of options for some or all of Shell’s assets in New Zealand. JP Morgan has been appointed to support this process. It’s ‘business-as-usual’ and there is nothing material to report.”
In December 2015 Mr Jager told a press conference the New Zealand company had begun a review of its ongoing value to the Shell group globally.
The options “range from business as usual to a full country exit and anything in between,” he said.
Shell NZ produces about half of the country's natural gas, and employs about 430 people.
The company owns 84% of the Maui gas and condensate field and about half of the Kapuni and Pohokura fields.
It also owns half of operating company Shell Todd oil Services.
For the year to December 2015 Shell reported revenue of $804.5 million and a net loss of $184.8 million.
Tim Hunter
Thu, 06 Apr 2017
Thu, 06 Apr 2017
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Fate of Shell jobs, assets to be announced
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