Swift Taranaki purchases from Shell finalised

Shell New Zealand today welcomed the finalisation of the deal with Swift Energy New Zealand Limited to purchase a number of Shell's onshore Taranaki assets.

Shell Chairman Lloyd Taylor said Shell was satisfied with the arrangements made with Swift for the purchase of the TAWN assets, and said Shell welcomed the resulting creation of a meaningful new competitor in the gas business in New Zealand.

"Shell welcomes Swift's participation in the New Zealand exploration and production market, and is happy to have been able to sell the TAWN assets to a company which is clearly committed to the development of a long term oil and gas business in New Zealand."

TAWN is an acronym for the package which comprises the Tariki, the Ahuroa, the Waihapa, and the Ngaere fields.

The divestment of the TAWN assets was a condition of Shell's acquisition of Fletcher Challenge Energy last year.

Dr Taylor said the negotiations for the divestment of the remaining assets mandated by the Commerce Commission were well underway.

"We are confident further announcements will be forthcoming in the very near future" Dr Taylor said.