Shell and Exxon Pull Planned North Sea Gas Sale To Viaro

Shell Plc and Exxon Mobil Corp. canceled a proposed deal to sell natural gas assets in the North Sea to upstart firm Viaro Energy.

Shell said in a statement that the oil majors couldn’t complete the transaction to sell the strategic Bacton onshore gas terminal and 11 offshore facilities to oil tycoon Francesco Mazzagatti’s Viaro. The ending of the transaction follows a protracted regulatory review by the North Sea Transition Authority, which said it had needed further information from Viaro before any decision.