Oil giants Shell and Exxon Mobil are close to finalising a sale of their jointly-owned gas fields in the southern North Sea to Viaro Energy, according to three industry and banking sources. The deal is valued at around $500 million, one source said.
This sale includes the Clipper and Leman Alpha field clusters. It represents another step in the major oil and gas companies’ gradual retreat from the aging basin.
They have shifted their focus to newer and more profitable ventures.
For Exxon, based in Texas, this sale would complete its exit from the North Sea. Exxon has operated there since 1964 and sold most of its assets in the central and northern North Sea to Neo Energy in 2021. Chevron, a U.S. competitor, is also selling its remaining assets in the British North Sea.
Viaro Energy, which acquired RockRose Energy in 2020, has pursued several deals in the British and Dutch North Sea since then.
The company produces around 30,000 barrels of oil equivalent per day and has interests in over 30 fields.
The sale would also end the Esso joint venture between Shell and Exxon, which began in the North Sea in 1965. Shell continues to be a major producer in the North Sea.
It operates several fields, including the Penguins redevelopment, and holds a stake in BP’s Clair field.