Viaro Energy to Acquire Shell and Exxon Mobil’s UK Southern North Sea Assets in $500M Deal

British oil producer Viaro Energy announces acquisition of Southern North Sea assets from Shell and Exxon Mobil, valued at $500 million. The deal includes 11 offshore assets and one exploration field, bolstering their gas production portfolio. This marks Exxon’s exit from the region, with completion expected in 2025.

British oil producer Viaro Energy announced on Tuesday its agreement to acquire Southern North Sea assets from Shell and Exxon Mobil, a transaction cited to be valued at around $500 million according to sources reported by Reuters in May.

The acquisition will transfer ownership of one of the UK Continental Shelf's largest and longest-producing gas asset portfolios to Viaro, featuring 11 operated offshore assets and one exploration field connected to the Shell-operated onshore Bacton Gas Processing Terminal via Leman and Clipper fields.

In a statement, Viaro Energy indicated that the assets generated approximately 28,000 barrels of oil equivalent per day (boepd) in 2023, contributing about 5% to the UK's total gas production. This move signifies Exxon's complete exit from the North Sea, having been active in the area since 1964. The deal's closure is anticipated in 2025, subject to regulatory approval.

(With inputs from agencies.)