Shell, ExxonMobil in talks to sell offshore UK assets to Viaro Energy for $500 million

May 30, 2024

(WO) – Shell and ExxonMobil are in talks to sell their jointly-owned gas fields in the southern North Sea offshore the UK to British oil and gas company Viaro Energy for about $500 million, according to Reuters, who cited three unnamed industry sources.

This deal involves the Clipper and Leman Alpha offshore field clusters and represents the latest move by major oil and gas companies to exit the aging North Sea basin in favor of more lucrative ventures.

For ExxonMobil, this sale would complete its withdrawal from the North Sea, a region it has been involved in since 1964. Shell and ExxonMobil, along with Viaro Energy, have declined to comment on the potential agreement, which is not yet finalized.

The sale would also end the long-standing Esso joint venture between Shell and ExxonMobil, established in 1965. Despite this sale, Shell continues to be a significant producer in the North Sea. The company still operates several offshore fields in the region,  including the Penguins redevelopment and holding a stake in bp's Clair field.

Viaro Energy, which acquired RockRose Energy in 2020, has been expanding its presence in the British and Dutch North Sea, currently producing around 30,000 boed across more than 30 fields.

This story was originally reported by Reuters.

Lead image: An offshore platform on the Clipper field (Source: RWE DEA)

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