ExxonMobil looks set to exit the North Sea after nearly 60 years as it nears a multimillion pound deal for its remaining assets.
The oil and gas giant sold the bulk of its UKCS operation to private equity-backed Neo Energy in 2021, but retained a 50% stake in the Clipper and Leman fields alongside Shell.
However, it is being reported today that the duo are putting the finishing touches to a deal to sell the southern North Sea assets to Viaro Energy.
Founded in London in 2012 by chief executive Francesco Mazzagatti, Viaro was established with its primary mandate to invest in the North Sea.
The group’s first major move was the acquisition of RockRose Energy in 2020, which gave it a foothold in the region.
News of ExxonMobil's potential departure comes just days after US oil major Chevron also announced it was quitting the North Sea after 55 years.
Chevron, the world’s third-largest oil company, said it was leaving the region after a review of its global operations. It plans to sell investments in a string of North Sea assets, which will likely fetch between $800million and $1billion.
The North Sea oil and gas industry faces an uncertain future because of the General Election, with Labour planning to increase a windfall levy on profits made by oil and gas companies introduced by the Conservatives in 2022.
Earlier this week, a report by Aberdeen & Grampian Chamber of Commerce warned that the new government will have 100 days to save 100,000 jobs.