NORTH Sea-focused Viaro Energy is eyeing more acquisitions in the area and has beefed up its board in support of its push for growth.
Viaro became a significant force in the North Sea after buying the RockRose Energy group and then SSE’s operations in the area in 2020, in deals worth around £370 million in total.
The London-based company which is led by Italian entrepreneur, Francesco Mazzagatti, made clear yesterday that it sees lots of potential to expand in the area.
A spokesperson for the company said: “Viaro continues to review the data on a number of potential acquisition opportunities whilst also working very closely with our partners and operators to identify options for organic growth by drilling more wells on existing assets.”
Interest in North Sea assets appears to have been boosted by the surge in oil and gas prices last year, which was fuelled by the recovery from the pandemic. Prices rose further after Russia launched its assault on Ukraine last month.
On Thursday Israeli-owed Ithaca Energy announced it had increased its exposure to the North Sea through the $224m acquisition of the Summit Exploration and Production business, from Japan’s Sumitomo.
Viaro said Sir Simon enjoyed a long and distinguished career in which he served in a variety of senior military and political advisory roles focused on the Middle East.
It noted: “Most recently, he served as Deputy Chief of Defence Staff (Operations) from 2009-2011, Defence Senior Adviser (Middle East) from 2011-2014 and as the Prime Minister’s Security Envoy to Iraq from 2014-2015.”
Mr Vaca is president of Petrolog, an oil company focused on Bolivia. He co-founded Petrolag after holding senior positions in the country with Shell and BG and working for oil services giant Schlumberger in a range of countries.
READ MORE: North Sea firm posts $1bn profit after surge in oil and gas prices
Mr Mazzagatti said he expected the new directors would add huge value strategically and operationally.
After developing oil and gas trading operations, Viaro moved into the North Sea exploration and production business through the acquisition of bought RockRose Energy for around £250m in July 2020. Five months later the company bought SSE’s North Sea assets for £120m.
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