Shell plc ( SHEL ) and Exxon Mobil Corporation ( XOM ) are reportedly nearing an agreement to sell their jointly-owned gas fields in the southern North Sea to independent British producer Viaro Energy.

The potential deal is valued around $500 million, reported Reuters.

For Exxon, the deal would complete its exit from the North Sea, where it has presence since 1964. In 2021, the company sold most of its assets in the central and northern North Sea to Neo Energy.

The sale of the Clipper and Leman Alpha field clusters would mark the latest step in a steady retreat of major oil and gas companies from the ageing basin in recent decades as they focus on newer and more profitable prospects.

As per the report, the deal is close to being agreed but there are no guarantees that it will be signed.

This month, Chevron Corp. ( CVX ) reportedly said it is set to sell its remaining oil and gas assets in the UK North Sea, concluding its 55-year presence in the region.

Shell stock has gained 24% in the last 12 months. Investors can gain exposure to the stock via Direxion Hydrogen ETF ( HJEN )  and VanEck Natural Resources ETF ( HAP ) .

Price Action: SHEL shares are down 0.38% at $71.47 and XOM is down by 1.38% at $113.27 at the last check Wednesday.