Viaro Energy signs agreement to take over Shell & ExxonMobil’s UK Southern North Sea assets

Viaro Energy (“Viaro”), the independent British energy company operating in the UKCS and the Netherlands North Sea, is pleased to announce that its main operating subsidiary RockRose Energy Limited signed an agreement with Shell U.K. Limited, a subsidiary of Shell plc (“Shell”), and Esso Exploration and Production UK Limited, a subsidiary of ExxonMobil Corporation (“ExxonMobil”), to acquire a full ownership interest in their Shell-operated UK Southern North Sea assets.

Pending regulatory approval, Viaro will acquire a portfolio consisting of 11 operated offshore assets and one exploration field (Shamrock; Caravel; Corvette; Brigantine; Leman; Galleon; Skiff; Carrack Main, Cutter, Carrack East; Barque; and Clipper), all tying back to the Shell-operated onshore Bacton Gas Processing Terminal via the Leman and Clipper fields. In 2023, production was around 28,000 boepd (c. 5% of UK total gas production) and the assets possess strong growth potential through identified near field exploration opportunities.

With a strong record of reliable production and around 90% production efficiency reported, the natural gas fields of the Southern North Sea and the Bacton gas terminal have been part of the UK’s energy foundation for 56 years. The tight gas development ongoing in the Galleon and Barque fields and strong potential for tight gas opportunities and near field exploration already identified in the Greater Sole Pit area are both indicative of the fields’ lasting importance for the UK’s energy security.

Viaro estimates place the 2P volumes of these assets at 58 million barrels of oil equivalent (“boe”), with a projected potential to extract over 120 million boe of net 2C resources. Viaro intends to maximise the economic return of these assets and, by working to ensure the extraction is conducted to reach their fullest potential, to increase low-emissions production of gas in the area through a redevelopment with an existing infrastructure.

The Bacton Gas Processing Terminal provides a direct route for natural gas produced from the Southern and Central North Sea to the UK National Transmission system, operated by the National Grid, enabling gas to flow between the UK and the Netherlands. In recent years, it received the Bacton Rejuvenation Investment of around £300 million to upgrade and extend the life of the terminal for future use. Bacton gas is used to generate around 40% of Britain’s electricity and it constitutes the main supply of gas for East Anglia and North London’s homes and businesses, whose terminal optimisation potential has been recognised by the North Sea Transition Authority (“NSTA”).







With a well-established value chain, the Bacton gas terminal complex also holds immense potential to become an energy transition hub. According to the NSTA, the Bacton terminal is ideally positioned to become a significant hydrogen production site for London and the Southeast, with strong potential to play a role with carbon capture storage and offshore wind developments that can supply renewable power to Bacton. In addition, Viaro intends to conduct feasibility studies on the best ways to decarbonise this asset through the deployment of clean technology.







Francesco Mazzagatti, CEO of Viaro Energy, commented: “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. We have long emphasised our commitment to the UKCS North Sea, and while we have certainly encountered more than a few challenges to realise our initial strategy, it is deals like this that make it evident why it is a worthwhile long-term investment.







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 and hydrogen supply, this acquisition fits Viaro’s ongoing and planned activities across the energy sector perfectly.”