Shell and ExxonMobil today confirmed that they have decided not to proceed with the previously announced plans to sell a portfolio of North Sea gas assets to Viaro Energy.

Following a period of detailed engagement and evaluation, the parties concluded that the transaction no longer aligns with the strategic objectives of the sellers. Shell and ExxonMobil emphasized that the decision was taken jointly and after careful consideration of market conditions, regulatory frameworks, and long-term portfolio priorities.

“The North Sea remains an important part of our upstream portfolio,” a Shell spokesperson said. “After further review, we determined that retaining these assets best supports our focus on safe operations, value creation, and meeting the evolving energy needs of the UK.”

An ExxonMobil representative added: “We continually assess our asset base to ensure it is aligned with our strategic and financial objectives. While we appreciate the constructive discussions with Viaro, we have decided not to move forward with this transaction at this time.”

Viaro Energy acknowledged the decision and thanked both companies for their engagement throughout the process.

KeyFacts Energy: Viaro Energy UK country profile   l   ExxonMobil UK country profile   l   Shell UK country profile

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