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(Sharecast News) - Shell and Exxon announced on Wednesday that they have abandoned plans to sell their North Sea assets to Viaro Energy.
Shell said that commercial and market conditions had evolved and conditions needed to complete the deal - which was agreed in July last 2024 - were not met. The London-listed oil giant will continue to operate the assets.
Viaro Energy founder and chief executive Francesco Mazzagatti said: "The parties have worked hard and in close alignment to try and complete this transaction over many months, but despite this being a fully funded opportunity, the completion conditions were not met as commercial and market conditions evolved and we mutually agreed not to proceed."
According to the Telegraph, the North Sea Transition Authority (NSTA), the industry regulator, said on Wednesday that it had delayed signing off on the deal after failing to receive information it had requested from Viaro.
A NSTA spokesman said: "While the NSTA does not usually comment on regulatory decisions, in this case we were waiting to receive the additional information requested from the purchasing party in order to make a decision."
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