Viaro Energy Builds North Sea Portfolio to Over 60 Fields Without Taking on Debt

LONDON, United Kingdom, September 22, 2026 (EZ Newswire) -- Viaro Energy, an independent British energy group, has built a portfolio of working interests in more than 60 fields across the UK and Dutch sectors of the North Sea, expanding through a series of acquisitions while maintaining what the company describes as a debt-free balance sheet.

The company's North Sea position has been assembled over several years through targeted deals rather than organic exploration alone. Its 2020 acquisition of RockRose Energy, valued at £247 million, gave Viaro an established production portfolio along with a technical and commercial team that has underpinned subsequent growth. The company went on to add Dutch interests through Hague and London Oil, UK gas assets acquired from SSE, holdings west of Shetland from Spark Exploration, and a farm-in agreement with Hartshead Resources covering acreage in the Southern North Sea.

The resulting portfolio is weighted heavily toward natural gas, which accounts for more than 75% of Viaro's output. Annual production has reached as much as 25,000 barrels of oil equivalent per day, and at its peak the company's share of UK joint-venture fields has represented up to 9% of gross UK gas production, according to the company.

Francesco Mazzagatti, founder and chief executive of Viaro Energy, said the acquisition strategy has been paired with a deliberate approach to financing.

"At Viaro, we maintain a balance between investments in mature producing assets that generate quick returns and development opportunities, which are more volatile but equally necessary for increasing the local energy supply," Mazzagatti said. "Such an approach has thus far allowed us to maintain a healthy, debt-free balance sheet and continuously pursue our growth strategy despite the associated market challenges."

The company's expansion comes as North Sea operators face pressure from declining reserves in some legacy fields, alongside political and regulatory debate in the UK over the pace of the energy transition and the future of domestic oil and gas production. Mazzagatti has argued that continued domestic production and investment in lower-carbon technologies are not mutually exclusive, and has said that reducing UK output before alternative energy sources are ready could shift both emissions and economic activity elsewhere rather than reduce them.

Viaro has also signalled interest in technologies beyond conventional oil and gas. In 2024, the company signed a memorandum of understanding with US-based Terrestrial Energy to examine the potential deployment of Integral Molten Salt Reactor technology in the UK. The initial phase of that work involves assessing siting, regulatory, economic and policy considerations to identify possible locations and commercial applications, which the company has said could include supplying power and industrial heat to facilities such as data centers. A final investment decision on the project, subject to further assessments and milestones, could come around 2030.

Earlier this year, Viaro named Graham Taylor as chief operating officer, adding what the company described as technical and commercial expertise to its leadership team as it pursues further opportunities in the UK and internationally.

Across its existing asset base, Viaro said it works with joint-venture partners to review environmental performance and identify measures to reduce the carbon intensity of production, alongside its broader technology strategy.

Mazzagatti said the company's approach reflects an attempt to balance near-term energy needs with longer-term shifts in the energy system.

"Our strategy combines what can be achieved today with the technologies that could reshape the energy market tomorrow," he said. "Energy security and decarbonisation should reinforce one another. The real test is whether a technology can be reliable, commercially viable and deployed at industrial scale."

The North Sea has been a focus of consolidation activity in recent years, as companies weigh the economics of mature basins against regulatory changes affecting UK oil and gas taxation and licensing. Viaro's growth through acquisition places it among a group of independent operators that have expanded their positions in the region even as some larger companies have scaled back or divested North Sea assets.

The company's current focus, according to Mazzagatti, includes continued development of its existing fields alongside evaluation of longer-term projects such as the proposed nuclear technology assessment with Terrestrial Energy. He said infrastructure, workforce skills and investment capacity built up over decades of North Sea operations will be relevant to whatever technologies come to underpin the UK's future energy system.

About Viaro Energy

Viaro Energy is an independent British energy group with a significant presence in the UK Continental Shelf and the Dutch North Sea. The company focuses on acquiring and developing assets to support energy security and the transition to lower-carbon solutions, and holds working interests in more than 60 fields across both regions. For more information, visit viaro.co.uk.

Disclaimer

This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding Viaro Energy’s asset portfolio, operational strategy, financial positioning, and future production or growth objectives. Forward-looking statements are based on current management expectations and estimates, which involve inherent risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied. References to debt-free structures or operational financing reflect management assessments as of the date hereof. This release is provided for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation regarding any securities or financial instruments in any jurisdiction. Neither Viaro Energy nor its affiliates assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contact

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