Viaro Power, a number one impartial British power firm, has introduced that its most important working subsidiary, RockRose Power Restricted, has signed an settlement with Shell U.Ok. Restricted and Esso Exploration and Manufacturing UK Restricted, subsidiaries of Shell plc and ExxonMobil Company respectively, to accumulate full possession of their Shell-operated UK Southern North Sea belongings.
Pending regulatory approval, the acquisition will switch 11 operated offshore belongings and one exploration discipline to Viaro. The belongings, which embody Shamrock, Caravel, Corvette, Brigantine, Leman, Galleon, Skiff, Carrack Major, Cutter, Carrack East, Barque, and Clipper, are linked to the Shell-operated onshore Bacton Fuel Processing Terminal through the Leman and Clipper fields.
In 2023, these belongings produced round 28,000 barrels of oil equal per day (boepd), accounting for about 5% of the UK’s complete fuel manufacturing. The properties additionally current robust development alternatives via recognized near-field exploration, Viaro mentioned in an announcement.
“We’re immensely grateful to the Shell and ExxonMobil groups for an exemplary collaboration on this main deal, which represents a crowning achievement of Viaro’s strategic imaginative and prescient within the North Sea to this point,” mentioned Francesco Mazzagatti, CEO of Viaro Power.
With a historic manufacturing effectivity of round 90%, the pure fuel fields and the Bacton terminal have been essential to the UK’s power infrastructure for 56 years.
Viaro estimates 2P volumes of the belongings to be 58 million barrels of oil equal (boe) and potential extraction of over 120 million boe of web 2C assets. The corporate plans to maximise financial returns and improve low-emissions fuel manufacturing via redevelopment utilizing current infrastructure.
The Bacton Fuel Processing Terminal, essential for linking North Sea pure fuel to the UK Nationwide Transmission system and facilitating UK-Netherlands fuel circulation, acquired a £300 million funding to improve and lengthen its lifespan. It generates 40% of Britain’s electrical energy and provides fuel to East Anglia and North London, with optimization potential acknowledged by the North Sea Transition Authority.
The Bacton terminal can be set to develop into a key power transition hub with potential for hydrogen manufacturing, carbon seize storage, and offshore wind developments. Viaro plans to conduct feasibility research to decarbonize the asset utilizing clear know-how.
“Shell and ExxonMobil’s Southern North Sea portfolio just isn’t solely the spine of the UK’s power manufacturing and safety, but additionally represents among the finest strategically positioned options which have the potential to play an essential function within the power transition. This acquisition matches Viaro’s ongoing and deliberate actions throughout the power sector completely,” added Mazzagatti.
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