Shell, Exxon Halt Sale of U.K. Southern North Sea Assets to Viaro Energy

By Adam Whittaker

Shell and Exxon Mobil said they would not longer proceed with the sale of their natural gas assets in the U.K. southern North Sea to Viaro Energy.

Announced in July 2024, the deal included 11 gas fields, one exploration prospect and the onshore Bacton Terminal in eastern England. The sale had initially been expected to complete in 2025.

"Despite a constructive process, completion conditions were not met as commercial and market conditions evolved," Shell said in a statement.

Viaro Energy is run by entrepreneur Francesco Mazzagatti, who said in a statement that commercial and market conditions had evolved, and that the parties had mutually agreed not to proceed.

The North Sea Transition Authority--which oversees the transfer of assets in the North Sea--said it was still waiting for additional information from Viaro before it made a decision on whether to approve the transfer of licenses.

Write to Adam Whittaker at [e-mail]

(END) Dow Jones Newswires

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