Shell has signed an agreement sell all of its oil and gas interests in New Zealand to Austrian firm OMV, in a deal valued at $578m.

The development is line with the Shell Group’s strategy of earning $30bn through divestments by the end of this year and comes after the sale of the company’s interest in Kapuni last year.

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The transaction with OMV includes joint venture (JV) interests in Pohokura (48%) and Maui (83.75%), as well as related production, storage and transportation infrastructure.

OMV already has interest in the acquired assets, including a 26% stake in Pohokura and 10% in Maui.

Following the completion of the acquisition, the company plans to become operator of both JVs.

The divestment marks Shell’s exit from New Zealand operations.

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“Today’s announcement is another step towards reshaping and simplifying our company, deepening Shell’s financial resilience and competitiveness, in order to become a world-class investment.”

Royal Dutch Shell Integrated Gas & New Energies director Maarten Wetselaar said: “Today’s announcement is another step towards reshaping and simplifying our company, deepening Shell’s financial resilience and competitiveness, in order to become a world-class investment.”

Alongside the aforementioned deal, the company has also agreed to divest its 60.98% interest in the Great South Basin venture to OMV.

OMV executive board chairman and CEO Rainer Seele: “This acquisition is an important step to develop Australasia into a core region in line with our new strategy.”

The acquisition is set to give an additional recoverable resource base of 100 million barrels of oil equivalent to OMV.

Subject to certain closing conditions, the transaction is expected to be completed this year.