Shell PLC (LSE:SHEL, NYSE:SHEL) and Exxon Mobil Corp (NYSE:XOM, ETR:XONA) are close to finalising a £394 million deal to sell their jointly-owned gas fields in the southern North Sea to British producer Viaro Energy.
This potential sale includes the Clipper and Leman Alpha field clusters. The move is part of a broader trend of major oil and gas companies exiting the ageing North Sea basin to focus on newer, more profitable ventures.
For Exxon, this sale would mark its complete exit from the North Sea, where it has operated since 1964. Shell and Exxon have thus far declined to comment on the deal, which is not yet guaranteed.
Viaro Energy, which acquired RockRose Energy in 2020, has been expanding its presence in the North Sea.
The sale would dissolve the long-standing Esso joint venture between Shell and Exxon, established in 1965. Shell remains a major North Sea producer, with interests in fields like Penguins and Clair.