SSE plc has agreed to sell its gas exploration and production (E&P) assets to Viaro Energy for EUR 120 million.

Per the agreement, SSE will sell its non-operational equity shares across 15 producing fields in three regions in the North Sea: the Easington Catchment Area, the Bacton Catchment Area, and the Greater Laggan Area. The sale aligns with SSE’s plan to achieve net-zero emissions and invest in renewables instead of upstream business. The company plans to invest EUR 7.5 billion in low-carbon energy infrastructure over the next five years and to treble its renewable electricity output by 2030.

“This sale clearly comes at a difficult time for the E&P sector, and the economy as a whole, but we believe it is the right move for our shareholders as we focus our resources on our core low-carbon businesses,” Gregor Alexander, SSE’s Finance Director, stated.