Fossil Energy – Sale of Gas Fields
Shell and ExxonMobil are nearing an agreement to sell their jointly-owned gas fields in the southern North Sea to independent British producer Viaro Energy.
The potential deal is valued around $500 million, a source said.
The sale of the Clipper and Leman Alpha field clusters would mark the latest step in a steady retreat of major oil and gas companies from the ageing basin in recent decades as they focus on newer and more profitable prospects.
For ExxonMobil it would complete the exit from the North Sea, where it has been present since 1964. It sold most of its assets in the central and northern North Sea to Neo Energy in 2021.
Shell remains one of the main producers in the North Sea, operating several fields including the Penguins redevelopment and holding a stake in the BP-operated Clair field.
