The review was in keeping with the company's strategy to become "a simpler, more profitable and resilient company," Shell New Zealand country chairman Rod Jager said in a statement.
Choices had to be made to streamline the global portfolio given the current environment, said Jager.
Shell was focusing on large growth opportunities, with deep water and integrated gas as growth priorities, he added.
The New Zealand assets were profitable, well maintained and an important part of New Zealand's energy mix.
"The Shell business in New Zealand is a great, but a small part of the global Shell business and hence the decision to undertake a strategic review at this time," said Jager.
Radio New Zealand reported Jager as saying the options following the review ranged from "business as usual to a full country exit" or anything in between.
