Shell and Exxon's UK gas asset sale to Viaro Energy collapses
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A view shows a logo of Shell petrol station in South East London, Britain, February 2, 2023. REUTERS/May James
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)
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