SSE : Sells Gas Exploration, Production Portfolio for $161.6 Million

By Adria Calatayud

SSE PLC said Tuesday that it has agreed to sell all of its interests in gas exploration and production assets to Viaro Energy for 120 million pounds ($161.6 million).

The FTSE 100 energy company said the price comprises a GBP25 million payment in cash with the remainder forming a vendor loan.

The portfolio comprises nonoperational equity shares in more than 15 producing fields in three regions in the North Sea, SSE said. The company said its investment in gas exploration and production assets was a noncore activity and not aligned with strategic focus on reaching net-zero emissions.

With the sale of its gas exploration and production assets, SSE has so far secured more than GBP1.4 billion from the sale of noncore assets, it said. The company aims to generate at least GBP2 billion by the fall of 2021.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

12-22-20 0905ET