Shell and Exxon Cancel Sale of Bacton and Southern North Sea Gas Assets to Viaro

Overview

• The companies halted the divestment after completion conditions went unmet as commercial and market conditions shifted, with both sides describing a mutual decision.
• The North Sea Transition Authority said it postponed approval because requested information from the buyer had not been provided.
• Shell will continue operating the Bacton gas terminal and the southern North Sea fields while it and ExxonMobil consider options.
• The package covered the Bacton hub, which processes about a third of Britain’s gas, and 11 fields representing roughly 5% of UK North Sea gas production.
• Viaro chief executive Francesco Mazzagatti has been the subject of lawsuits and fraud-related allegations, which he denies, drawing extended scrutiny of the deal.