Independent North Sea operator Viaro Energy has acquired a 100% working interest in a West of Shetland licence.
The London-based firm said it now holds 100% of licence P2593 in the West of Shetland through its wholly owned subsidiary, RockRose Energy.
The licence includes the Tuck gas discovery, estimated to contain 87 million barrels of recoverable oil equivalent.
The licence also includes 50% interest in each of the Boulmer, Cherry and Sammy exploration prospects.
Viaro plans to develop Tuck first, at an estimated £208m cost to reach first gas by 2028.
© Supplied by Spark ExplorationThe project forms part of an overall £500m investment Viaro is set to make in the UK sector.
Viaro Energy chief executive officer Francesco Mazzagatti said the West of Shetland continues to be a strategic hub for exploration opportunities, and the Tuck discovery could hold “considerable resources”.
“The licence’s proximity to our existing assets in the Greater Laggan Area offers important potential for extending the life of the infrastructure, including the Shetland Gas Plant,” he said.
© Supplied by Viaro Energy“The work programme will also focus on exploring electrification and other technological innovations to reduce emissions in the area.”
Viaro Energy plans
Viaro first acquired a 50% stake in the P2593 licence last year after it completed a takeover of Spark Exploration. Cambo operator Ithaca Energy (LON:ITH) held the other 50%.
The operator embarked on a spree of deals in 2023, including picking up a 15% stake in the Bressay field and EnQuest Producer FPSO and a farm-in to several fields held by Hartshead Resources.
However, it hasn’t all been smooth sailing for Viaro.
The company is embroiled in a lawsuit with North Sea operator TAQA and has encountered delays and cancellations at some of its projects.
Overall, Mr Mazzagatti remains confident in the company’s long term future in the North Sea, and last year called for the UK to continue issuing new oil and gas licences until the year 2035.
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