Shell and ExxonMobil have agreed to sell their gas business in the British part of the North Sea to Viaro Energy, a British energy company. This announcement was made on Tuesday, though financial details were not disclosed. Viaro Energy, which has been active in the North Sea, previously indicated to Reuters that the deal is valued at approximately $500 million.
This transaction is part of a broader trend where large oil companies are divesting mature fields in the North Sea to focus on more profitable ventures. The gas fields in question produced around 28,000 barrels of oil equivalent per day last year, accounting for about 5% of the UK’s total gas production.
With this sale, ExxonMobil is completing its exit from the North Sea, a region where it has been present since 1964. Shell, on the other hand, remains a significant player in the North Sea, operating several gas fields. Viaro Energy, through its subsidiary RockRose Energy Ltd., will take full ownership of the Bacton onshore gas terminal and 11 offshore facilities, marking its first role as an offshore operator in the UK. The company sees potential to expand production further from these assets.
