On 16 March 2018 Shell reported that it had reached a deal to sell its remaining assets in New Zealand to OMV for USD 578 million (NZD 798 million).Â  Shell reported that the deal the companies have reached will see the sale of shares in its New Zealand entities to OMV. The sale is the final step in Shellâs exit of New Zealand, which it has been planning for some time. Shell had reported in mid-December 2015 that it had commenced a strategic review of its assets in New Zealand and stated that it believes New Zealand is a âgreat place to do business and these assets are profitable, well maintained and are an important part of New Zealandâs energy mixâ. However, the assets are considered just a part of Shellâs global business and so have been reviewed as part of the larger evaluation of assets. It was then reported in August 2016 that Shell had enlisted JPMorgan investment bank to commence the potential sale of its entire New Zealand portfolio.  The agreement with OMV includes the Maui and Pohokura assets as well as associated infrastructure and Shellâs operated interest in exploration permit PEP 50119 in the Great South Basin. These were the final assets held by Shell after the gradual divestment of its other interests over the last two years.Â  The deal with OMV is subject to conditions, including regulatory approval. In October 2017 it was reported in the media that a number of companies were thought to be showing an interest in Shellâs remaining New Zealand portfolio.Â  These included OMV, as well as Questus Energy, a Sydney private equity firm, Jadestone Energy, Vermillion Energy, Woodside and also potentially Beach Energy after reports it may look at Shellâs assets alongside bidding for Originâs spinoff Lattice Energy, in which it was successful.Â  In January 2018 it was reported that it was thought Jadestone Energy and Questus Energy were no longer looking at a purchase and that Beach had also dropped interest after entering agreements to acquire Originâs spinoff company, Lattice Energy.  The sale of assets in New Zealand has been part of a large, global initiative, in which Shell hopes to streamline and become more profitable and resilient in the current market. Following Shellâs acquisition of BG Group in February 2016, Shell continued to plan a reduction in 2016 CAPEX and to sell up to USD 30 billion worth of global assets by 2018, including a total exit of five to ten counties. Major streamlining has already taken place in Australia including exiting from Chevronâs Wheatstone LNG project. Shell reported that it is planning on focusing on big growth opportunities, with a focus on deep water and integrated gas. Â 
OMV acquires Shell's New Zealand assets for US$578 MM. Concerning are following assets: 48% (->74%) interest in the Pohokura gas field, 83,75% (->93,75%) interest in the Maui gas field, and 60,98% (->82,93%) in explo block PEP 50119.