The revelation that Shell has advised its investment bank to offload its $1 billion New Zealand portfolio is another big nail in the coffin of the Government’s petroleum agenda.
The Prime Minister has been jumping up and down for years defending the offshore oil industry here, waxing lyrical about the jobs it could create and the income it could generate.
‘Could’ being the key word here.
To date, no deep sea oil has been found in eight concerted years of exploration, and now the biggest rat of all is fleeing the sinking tanker.
After more than 100 years in New Zealand, media across the ditch are reporting that Shell is about to bail.
On Friday The Australian published a story stating that Shell has asked its investment bank, JPMorgan, to ditch its New Zealand portfolio, which includes ... Read more >