Shell has sold its New Zealand assets to OMV for US$578 million, edging it closer to the end of its US$30 billion divestment program. The sale includes operatorship of two producing assets, Maui and Pohokura, and an exploratory position in the Great South Basin. This is an interesting deal, where both parties may well feel like they have walked away winners. Shell has disposed of non-core assets but avoided what could be a large abandonment liability given New Zealand's remote location, high costs and strong environmental focus. While OMV has acquired producing assets, with material resource upside that could be recaptured with the resumption of capital expenditure.