Shell’s Latest Genius Move: Dumping North Sea Assets While Pretending to Care About the Environment

Posted by John Donovan 31 July 2024

In a classic “What the Actual F**k” moment, Shell and ExxonMobil have decided to offload their UK North Sea assets to Viaro Energy. Yes, because when you’re done polluting the planet and making billions, why not pass the torch to someone else? Viaro Energy, through its subsidiary RockRose Energy, is all set to acquire these precious assets, pending regulatory approval. Because why wouldn’t the regulators approve another round of fossil fuel profiteering?

Viaro Energy is taking over 11 offshore assets, one exploration field, production facilities, and the Bacton gas receiving terminal. These assets, lovingly connected to the Shell-operated onshore Bacton terminal, produced around 28,000 barrels of oil equivalent per day in 2023. That’s about 5% of the UK’s total gas production, folks. Nice work if you can get it.

Viaro sees “strong growth potential” in these assets, with a whopping 58 million barrels of oil equivalent (mboe) in 2P volumes and more than 120mboe of net 2C resources just waiting to be extracted. Because, you know, the planet doesn’t have enough fossil fuels being burned.

The Bacton Gas Processing Terminal, now sporting a £300 million upgrade, is being hailed as a key player in the “energy transition.” Sure, because when I think of clean energy, I definitely think of gas terminals. Viaro’s CEO Francesco Mazzagatti couldn’t be prouder: “We are immensely grateful to the Shell and ExxonMobil teams for an exemplary collaboration on this major deal.” Translation: “Thanks for the profitable leftovers, suckers.”

Mazzagatti goes on to call Shell and ExxonMobil’s portfolio the “backbone of the UK’s energy production and security,” with potential for wind farm synergies, electrification of upstream assets, CCS (carbon capture and storage), and hydrogen supply. Ah yes, because nothing says “we care about the environment” like a bit of greenwashing on the side of your fossil fuel empire.

Meanwhile, Chevron is also considering selling its remaining UK North Sea assets, signaling a potential exit after more than 50 years. It’s almost like they know something we don’t, like maybe the future of fossil fuels isn’t looking so bright after all.

So here we are, watching the rich get richer off the back of an industry that’s been slowly cooking our planet. Shell, ExxonMobil, and Viaro Energy—thanks for your commitment to profits over the planet. Keep patting yourselves on the back while the rest of us deal with the fallout. Cheers!

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