Viaro Energy Acquires Shell & Exxon Mobil's North Sea Assets

Viaro Energy, an independent British oil producer, announced its acquisition of Shell and Exxon Mobil's UK Southern North Sea assets. The assets, which produced approximately 28,000 barrels of oil equivalent per day in 2023, represent about 5% of the UK's total gas production. This deal marks Exxon's complete exit from the North Sea region after nearly six decades.

Independent British oil producer Viaro Energy announced on Tuesday that it would purchase UK Southern North Sea assets from Shell and Exxon Mobil.

Sources had previously disclosed details of the deal talks to Reuters in May. According to the agreement, Viaro will take full ownership of one of the largest and longest-producing gas asset portfolios on the UK Continental Shelf.

In 2023, these assets produced approximately 28,000 barrels of oil equivalent per day (boepd), accounting for about 5% of the UK's total gas production. Viaro noted that with this acquisition, Exxon would finalize its exit from the North Sea region, where it has operated since 1964.

(With inputs from agencies.)