Viaro Energy receives approval for acquisition of 15% stake in Bressay field

Viaro Energy has received regulatory approval from the North Sea Transition Authority (NSTA) for the assignment in Bressay oil field license, following the recently completed acquisition agreement with EnQuest PLC.

Viaro, through subsidiary RockRose Energy, will collaborate with operator EnQuest on advancing the development concept and field development plan for the UK Continental Shelf field, estimated to hold 115 million bbls of 2C resources, which also includes a potential gas tie-back to Kraken oil field in the initial development phase.

The early production facility development under review has capital expenditure estimated at £600 million, with £90 million being RockRose’s net share.

In December 2023, EnQuest agreed to farm out a 15% interest in Bressay field and the EnQuest Producer floating production, storage and offloading vessel (FPSO) to Viaro’s RockRose Energy for a total consideration of £46 million. EnQuest will hold the remaining 85% stake in the field and remain as operator.

The Bressay acquisition marks Viaro’s entry into the Northern North Sea, adding to its operations in the Central North Sea, Southern Gas basin, and the West of Shetland.

Discovered in 1978, Bressay lies in UKCS Blocks 3/28a, 3/27b, 3/28b, 9/2a, and 9/3a of the Northern North Sea, east of the Shetland Islands.