In a sector gripped by uncertainty, Viaro Energy is charting a different course.
While some of the world’s largest oil and gas companies exit the UK Continental Shelf, largely due to fiscal instability, Viaro is doubling down.
Since its founding in 2020, the independent energy firm has pursued a bold expansion strategy, acquiring major assets, integrating infrastructure, and positioning itself as a key contributor to the UK’s energy security.
Led by CEO Francesco Mazzagatti and newly appointed Chief Operating Officer Jillian Owen, Viaro is betting on the long-term value of the North Sea - even when others won’t.
With more than 450 employees following the integration of Shell and ExxonMobil’s Southern North Sea portfolio, and plans to hire at least 70 more, it’s a story of growth against the odds.
Belief in the basin
Viaro’s investment thesis is simple: the North Sea still matters. And for Mazzagatti, its role in ensuring domestic energy security has never been clearer.
“We believe in the North Sea. That’s why we started investing in 2020 and why we haven’t stopped, even in the face of enormous headwinds,” he says.
“The Bacton gas terminal alone moves around 30% of the UK’s gas. That’s strategic infrastructure. Our aim is to keep it producing for as long as possible.”
The acquisition of Shell and ExxonMobil’s Southern North Sea assets is central to that strategy. These mature but still-resource-rich fields represent a foundation for Viaro’s next growth phase. It’s a move that aligns with the company’s broader ambition to become one of the basin’s top five producers.
Just weeks later, Viaro acquired Deltic Energy - bringing with it the Selene prospect, the largest undeveloped gas resource in the UK sector.
“Selene is key,” Mazzagatti explains. “It’s not just an exciting development. It’s an asset we were already heavily invested in through Shell, and when it became clear that Deltic was financially constrained, stepping in made strategic sense. This wasn’t opportunism, it was about stability, continuity, and unlocking value.”
Stitching the basin back together
But it’s not just production Viaro is after. The company is also consolidating infrastructure, with a specific focus on the Southern North Sea.
Jillian Owen, who joined Viaro in March 2025 from Apache Corporation and has since been promoted to COO, is spearheading the integration of the newly acquired assets and teams. Her focus? Efficiency, tiebacks, and operational growth.
“We now have a platform for reinvestment,” she says. “The infrastructure is already there. We’re focused on using it to bring new resources online more quickly and cost-effectively.”
This infrastructure-led strategy is also about long-term resilience. By owning and operating key assets like pipelines and terminals, Viaro gains flexibility - and bargaining power - in a market increasingly fragmented by divestments and decommissioning.
“Other companies might see consolidation as a cost-saving exercise. We see it as a growth enabler,” Owen says.
A hostile climate
That optimism stands in stark contrast to the wider mood in the basin. The UK’s Energy Profits Levy (EPL), introduced as a windfall tax on oil and gas profits, has been extended through to 2030, and operators warn of lasting damage to investment and confidence.
“The EPL completely destabilised the fiscal environment,” says Mazzagatti. “For me, we shouldn’t be talking about reform, we should be talking about removal.”
Owen agrees, having witnessed first-hand the impact of the tax during her time at Apache.
“We’re not in a windfall environment anymore,” she says. “Investment is declining, the supply chain is moving abroad, and we’re seeing consolidation and job losses. If this continues to 2030, it’s going to be difficult for the basin to survive.”
Mazzagatti is particularly frustrated by the UK’s divergence from international norms. “Germany introduced a windfall tax for one year and was taken to court by operators - and the court sided with the industry,” he points out. “The UK is locking it in for a decade. How can that be right?”
Legacy over dividends
One of the reasons Viaro can keep investing while others pause is its financial discipline. The company doesn’t pay dividends, and that retained capital is being reinvested into acquisitions and development.
“We’re not like the others,” Mazzagatti says. “We don’t touch the cash. That means we can stay strong financially, even during tough times.”
But the ambition runs deeper than financial performance. Both leaders talk about “building a legacy”, a phrase that recurs often in conversation.
“One of the reasons I joined Viaro,” Owen says, “is because Francesco wants to build something lasting. A modern energy company that’s agile, inclusive, and focused on delivering value over decades - not quarters.”
That mindset is evident in how the company is structured: lean, collaborative, and focused on speed of execution. Owen likens it to a startup with serious scale-up potential.
“We’ve got a blank sheet of paper. That’s exciting.”
Investing in people and place
Viaro’s expansion isn’t just about assets, it’s also about people. The Shell and ExxonMobil acquisition saw approximately 400 employees transfer to Viaro. Now, the company is hiring again.
“We’ll be adding at least 70 more jobs this year,” says Owen. “That’s in addition to the Shell team, and it reflects our confidence in what we’re building.”
Beyond recruitment, Viaro is also investing in future talent. Through the SRM Foundation, the company has launched a multi-year partnership with Robert Gordon University, focused on research, education, and environmental restoration.
Initiatives include scholarships, environmental projects like riverside habitat restoration, and immersive trips abroad for students and faculty. Earlier this year, three RGU students and two professors visited Houston to see the global energy industry in action.
“We wanted to show them that energy is bigger than just tax and headlines,” Mazzagatti says. “There’s a world out there that understands the value of this industry.”
Viaro is also looking ahead to life beyond oil and gas. It has signed a memorandum of understanding to explore investment in nuclear energy, seeing it as a key part of its long-term diversification strategy.
“When oil and gas isn’t needed as much, we’ll still be an energy company,” Mazzagatti says. “That’s the plan.”
A different kind of energy company
As the energy transition accelerates and political pressures mount, Viaro’s approach may seem contrarian. But for Mazzagatti and Owen, the company’s independence - and willingness to act decisively - is its greatest strength.
“We’re swimming against the tide,” Owen says. “But we’re doing it with purpose. The infrastructure, the jobs, the investment - it all matters. And we believe this basin still has a big role to play.”
That belief, combined with a focus on creativity, capital discipline, and social impact, is what sets Viaro apart.
“Do you want one egg today, or a hen tomorrow?” Mazzagatti asks, quoting an Italian proverb. “We’re choosing the hen. And we plan to look after it for a long time.”