
In a sudden reversal that has sent ripples through energy markets and corporate governance circles, Royal Dutch Shell plc and ExxonMobil have abandoned a £500 million sale of natural gas assets in the Southern North Sea after concerns emerged about the prospective buyer, Viaro Energy, and ongoing fraud allegations against its leadership.
The agreement, originally announced in July 2024, would have transferred interests in 11 gas fields and the Bacton Terminal, part of one of the UK’s longest-producing offshore hydrocarbon portfolios. That plan, however, has now “collapsed” by mutual agreement between Shell, Exxon, and Viaro, with Shell stating that evolving commercial and market conditions and unmet requirements meant the transaction could not proceed.

Introduction by John Donovan
By John Donovan
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