---
title: "North Sea Oil Company Sale Delayed Amid Fraud Allegations Against Buyer"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2025-11-18T06:20:49+00:00"
modified: "2025-11-18T06:20:49+00:00"
date: 2025-11-18
canonical: "https://stockmark.it/north-sea-oil-company-sale-delayed-amid-fraud-allegations-against-buyer/"
category: "Oil and Gas"
categories: ["Oil and Gas"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/2023/09/stencil.stockmark-it-2023-09-06T051859.671.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# North Sea Oil Company Sale Delayed Amid Fraud Allegations Against Buyer

**Published:** November 18, 2025
**Author:** Stockmark.IT Website
**Categories:** Oil and Gas
**Featured image:** ![An offshore oil drilling platform stands in the sea with a crane and various equipment, under a clear blue sky. Mountainous land is visible in the distant background. @ stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/2023/09/stencil.stockmark-it-2023-09-06T051859.671.jpg?fit=1200%2C800&quality=89&ssl=1)

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The proposed acquisition of a North Sea oil company with backing from billionaire Conservative Party donor Lord Michael Spencer has been delayed due to fraud allegations facing the buyer. Deltic Energy, with Lord Spencer as its largest shareholder, agreed to a £6.9 million takeover by Viaro Energy in June. However, approval for the deal has been stalled by an ongoing regulatory investigation linked to legal claims against Viaro’s owner, Francesco Mazzagatti.

Mr Mazzagatti faces accusations in the High Court of misappropriating tens of millions of pounds from a former employer to build his North Sea interests. He has strongly denied these claims, describing them as a campaign of defamation, harassment and extortion. The situation has cast a shadow over his acquisition strategy, including attempts to buy Deltic and a package of oil and gas assets from Shell.

Deltic Energy, a London-listed company operating three North Sea fields, had aimed to complete the sale this month. The typical approval period from the North Sea Transition Authority is three months, but the current process is in its fifth month. Both Deltic and Viaro maintain they expect the transaction to close by year end. The delay arises as the regulator reviews the circumstances, in light of the claims against Mr Mazzagatti.

Viaro has also experienced setbacks with its planned £500 million purchase of eleven gas fields and the Bacton gas terminal from Shell. That transaction, confirmed in April, also remains pending. Concerns around the fraud allegations prompted scrutiny from political figures, including calls for close examination by Ed Miliband, the Energy Secretary.

Viaro, a relatively new entrant in the North Sea, produces approximately 25,000 barrels of oil per day. Compared to peers in the region, this figure remains modest, but Mr Mazzagatti has become the highest paid oil trader in the United Kingdom, with remuneration in excess of £36 million since 2022.

Deltic Energy has expressed confidence, referencing published regulatory guidance that it expects the necessary approvals will be granted. Company representatives have declined to comment further due to the ongoing regulatory process. Viaro has indicated that its discussions with the regulator are confidential but has committed to cooperating fully with any inquiries. The North Sea Transition Authority has not issued a public statement on the matter.

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