London-based Viaro Energy has agreed a deal to acquire Shell and ExxonMobil's assets in the Southern North Sea.
The independent North Sea operator said its main operating subsidiary RockRose Energy signed an aggrement with Shell and Esso Exploration, itself a subsidiary of ExxonMobil, to acquire full ownership of the assets.
Pending regulatory approval, the deal will sea Viaro acquire a portfolio consisting of 11 offshore assets - Shamrock, Caravel, Corvette, Brigantine, Leman, Galleon, Skiff, Carrack Main and East, Cutter, Barque and Clipper - all of which tie back to the onshore Bacton Gas Processing Terminal.
Production from these fields accounted for around 5% of total UK gas production last year.
Its new operators sees "strong growth potential" through nearby exploration opportunities.
Francesco Mazzagatti, CEO of Viaro Energy, admitted the firm has "encountered more than a few challenges" to realise its initial strategy in the UKCS North Sea, though reaffirmed the role the company can play in the energy transition.
He said: "We are immensely grateful to the Shell and ExxonMobil teams for an exemplary collaboration on this major deal, which represents a crowning achievement of Viaro’s strategic vision in the North Sea to date.
"We have long emphasised our commitment to the UKCS North Sea, and while we have certainly encountered more than a few challenges to realise our initial strategy, it is deals like this that make it evident why it is a worthwhile long-term investment.
"Shell and ExxonMobil’s Southern North Sea portfolio is not only the backbone of the UK’s energy production and security, but it also represents one of the best strategically placed solutions that have the potential to play an important role in the energy transition.
"With strong potential for wind farm synergies, electrification of upstream assets, CCS and hydrogen supply, this acquisition fits Viaro’s ongoing and planned activities across the energy sector perfectly.”