Viaro's RockRose Finalizes North Sea Farm-in with Hartshead

Thursday, May 11, 2023
©Hartshead Resources

UK-based energy company Viaro Energy said Thursday that following approval from the UK North Sea Transition Authority (“NSTA”), all conditions have been met to complete the farm-in agreement with Hartshead Resources Ltd., as announced on April 5, 2023.

Viaro’s subsidiary, RockRose Energy has acquired a 60% working interest in Licence P.2607 in the Southern Gas Basin in the North Sea, in which Hartshead is undertaking a phased redevelopment of previously producing gas fields.

Hartshead said last month that a total consideration to Hartshead as part of the deal was up to $128 million for Phase 1 and $5.9 million for Phase 2.

A Final Investment Decision (“FID”) for Phase 1, which includes the redevelopment and drilling of the Anning and Somerville fields, will be taken in Q3 2023. Six production wells are planned and are forecast to come on stream in early 2025 at gross peak production rates of 140 mmcfd (net 84 mmcfd to RockRose, or 14,000 boepd), Viaro said.

Francesco Mazzagatti, CEO of Viaro Energy, said: “We are thankful to the NSTA for the swift approval of the transfer of a 60% stake in Licence P.2607 to our operating subsidiary RockRose, as I believe it shows serious commitment to the overall security of the UK’s domestic energy supply on both sides. Concluding an agreement like this can take several months, so I am pleased that we have managed to do it in just four weeks.

The NSTA has made it a priority to support companies that materially contribute to the economic recovery of clean domestic oil and gas assets, and whose actions are in line with the government initiative to reduce carbon emissions. Viaro remains dedicated to these same goals, and the efficiency with which the Hartshead deal has been realised serves as proof of that.”

Categories: Energy North Sea Industry News Activity UKCS

Related Stories

EnerMech Nets Long-Term Servicing Contract for Triton FPSO

EnerMech Nets Long-Term Servicing Contract for Triton FPSO

OKEA Gets Green Light for New Drilling Op at Brage Field

OKEA Gets Green Light for New Drilling Op at Brage Field

Triton FPSO Set to Come Back Online with Full Ramp Up to Follow

Triton FPSO Set to Come Back Online with Full Ramp Up to Follow

Current News

Exxon Mobil Discovers Natural Gas Reserve Offshore Cyprus

Ecopetrol Purchases Enel Wind Power Project for $50m

Gastech 2025 Technical & Commercial Conference to Accelerate Global Growth and Decarbonisation Through Energy Innovation

Rotra Futura RoRo Vessel Enters Offshore Wind Operations

Subscribe for OE Digital E‑News

Offshore Engineer Magazine