Finance
Shell and Exxon's UK gas asset sale to Viaro Energy collapses
Published by Global Banking and Finance Review
Posted on January 14, 2026
Shell and Exxon's UK gas asset sale to Viaro Energy collapses
Overview of the Asset Sale
LONDON, Jan 14 (Reuters) - Shell and Exxon Mobil have halted a planned sale of natural gas assets in Britain's Southern North Sea to British oil producer Viaro Energy, Shell said in a statement on Wednesday.
Commercial and market conditions evolved and conditions needed to complete the deal were not met, Shell said. The parties had agreed to the sale, which involved one of the largest and longest producing gas asset portfolios on the UK Continental Shelf, in July 2024.
The two sides had mutually agreed not to proceed despite it being fully funded, Viaro CEO Francesco Mazzagatti said in a statement.
Details of the Agreement
Shell will continue to operate the assets.
Impact on Shell's Operations
The British oil major's interests in the sale included 11 gas fields and one exploration prospect in the Southern North Sea, as well as the onshore Bacton Terminal, Shell said at the time of the agreement.
The deal followed a review of its portfolio in the Southern North Sea.
Viaro Energy's Profile
Viaro Energy produces about 25,000 barrels of oil equivalent per day and has working interests in approximately 60 North Sea fields, according to its website.
(Reporting by Stephanie Kelly; editing by Mark Potter and Jason Neely)
Frequently Asked Questions about Shell and Exxon's UK gas asset sale to Viaro Energy collapses
1What is a natural gas asset?
A natural gas asset refers to any property or resource that produces or contains natural gas, which is a fossil fuel used for heating, electricity generation, and as an industrial feedstock.
2What are commercial conditions?
Commercial conditions refer to the market factors and economic circumstances that influence the viability and terms of a business transaction, including pricing, demand, and competition.
3What is market volatility?
Market volatility refers to the degree of variation in the price of a financial asset over time, indicating the level of risk and uncertainty in the market.
4What is a spokesperson?
A spokesperson is an individual authorized to speak on behalf of an organization, providing information and responding to inquiries from the media and the public.
