The UK hydrocarbon producer Viaro Energy has reached an agreement to purchase 100% of the UK Southern North Sea gas assets owned by the UK’s Shell (operator) and the US’ ExxonMobil. Viaro Energy will assume full ownership of one of the largest and longest producing gas asset portfolios in the UK Continental Shelf.
Pending regulatory approval, Viaro would acquire a portfolio consisting of 11 operated offshore assets and one exploration field. In 2023, the assets produced around 28 kboe/d, about 5% of the UK's gas production. The transaction is expected to be completed in 2025. In addition, Viaro estimates the 2P volumes of these assets at 58 mboe, with a projected potential to extract over 120 mboe of net resources.
With this sale, ExxonMobil would complete its exit from the North Sea region. The deal also follows Shell's review of its portfolio in the UK Southern North Sea, in which the company aims to focus on areas where it has competitive advantages.