Finance
Shell and Exxon's UK gas asset sale to Viaro Energy collapses
Published by Global Banking & Finance Review®
Posted on January 14, 2026
2 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 14, 2026
2 min readLast updated: January 19, 2026
Shell and Exxon have stopped the sale of UK gas assets to Viaro Energy due to unmet conditions. Shell will continue operating the assets.
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.
Shell will continue to operate the assets.
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 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)
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.
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.
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.
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.
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