The UK’s Viaro Energy, through its operating subsidiary RockRose Energy, has finalised an agreement to acquire Shell and ExxonMobil's southern UK North Sea assets.  

The acquisition, which is subject to regulatory approval, will see Viaro take full ownership of 11 operated offshore assets, one exploration field, production facilities and the Bacton gas receiving terminal. 

The offshore assets encompass Barque, Brigantine, Caravel, Carrack East, Carrack Main, Clipper, Corvette, Cutter, Galleon, Leman, Shamrock and Skiff. 

All the assets are connected to the Shell-operated onshore Bacton terminal through the Leman and Clipper fields. 

In 2023, these assets produced approximately 28,000boepd, accounting for around 5% of the UK's total gas production.  

Viaro Energy has identified strong growth potential in these assets, with 2P volumes estimated at 58 million barrels of oil equivalent (mboe) and more than 120mboe of net 2C resources projected to be extractable. 

Viaro aims to boost economic returns by redeveloping existing infrastructure and increasing low-emission gas production. 

The Bacton Gas Processing Terminal provides a direct connection to the UK National Transmission system and is expected to play a significant role in the energy transition.  

The terminal recently received a £300m ($385.07m) upgrade, extending its operational life and readying it for future clean technology. 

Viaro Energy CEO Francesco Mazzagatti said: “We are immensely grateful to the Shell and ExxonMobil teams for an exemplary collaboration on this major deal, which represents a crowning achievement of Viaro’s strategic vision in the North Sea to date. 

“Shell and ExxonMobil’s southern North Sea portfolio is not only the backbone of the UK’s energy production and security, but it also represents one of the best strategically placed solutions that have the potential to play an important role in the energy transition. With strong potential for wind farm synergies, electrification of upstream assets, CCS [carbon capture and storage] and hydrogen supply, this acquisition fits Viaro’s ongoing and planned activities across the energy sector perfectly.” 

This development comes as Chevron considers selling its remaining UK North Sea assets including a 19.4% interest in the Clair oilfield, signalling a potential exit from the basin after more than 50 years of operations.