UK: SSE agrees sale of gas exploration and production assets
04 Jan 2021
SSE has agreed to sell all of its interests in its portfolio of gas exploration and production (E&P) assets to
Viaro Energy via its subsidiary
RockRose Energy for a total consideration of £120m . The transaction is based on a locked box economic date of 31 March 2019 and is subject to regulatory approval and partner consent.
The diverse portfolio comprises non-operational equity shares in over
15 producing fields in three regions in the North Sea: the
Easington Catchment Area, the
Greater Laggan Area.
As part of the transaction, SSE will retain an obligation to pay 60% of the decommissioning costs , payable as the decommissioning of the assets occurs.
SSE plc has agreed to sell all of its interests in its portfolio of gas exploration and production (E&P) assets to Viaro Energy via its subsidiary RockRose Energy Limited for a total consideration of £120m . The transaction is based on a locked box economic date of 31 March 2019 and is subject to regulatory approval and partner consent. The diverse portfolio comprises non-operational equity shares in over 15 producing fields in three regions in the North Sea: the Easington Catchment Area, the Bacton Catchment Area, and the Greater Laggan Area. As part of the transaction, SSE will retain an obligation to pay 60% of the decommissioning costs , payable as the decommissioning of the assets occurs.