PERTH, UK – SSE has agreed to sell its UK offshore gas E&P portfolio to Viaro Energy via its subsidiary RockRose Energy for £120 million ($163 million), subject to regulatory approval and partner consent.
The portfolio comprises non-operated equity in more than 15 producing fields in Easington Catchment Area and Bacton Catchment Area in the UK southern North Sea, and the Greater Laggan Area west of Shetland.
A further £40 million ($54.3 million) may be payable if the gas price in the second half of this year reaches agreed thresholds, and up to $750,000/bcf if the Glendronach discovery in the Greater Laggan Area goes forward to production.
SSE will also retain an obligation to pay 60% of the associated decommissioning costs.
The company plans to invest £7.5 billion ($10.2 billion) in low-carbon energy infrastructure over the next five years and to treble its renewable electricity output by 2030.