Independent British oil producer Viaro Energy said on Tuesday it would buy UK Southern North Sea assets owned by Shell and Exxon Mobil
Reuters had reported about the deal talks in May, citing sources.
Under the terms of the deal, Viaro said it would assume full ownership of one of the largest and longest producing gas asset portfolios in the UK Continental Shelf.
In 2023, the assets produced around 28,000 barrels of oil equivalent per day (boepd), about 5% of UK’s total gas production, Viaro added. With this deal, Exxon would complete its exit from the North Sea region, where it was present since 1964.
(Reporting by Arunima Kumar in Bengaluru; Editing by Anil D’Silva and Shinjini Ganguli)