Meet Francesco Mazzagatti, CEO, Viaro Energy
Investor, North Sea focus, capital discipline, innovation & transition engagement
1. Viaro Energy has been one of the most active investors in the North Sea in recent years. What continues to make the region strategically important for Europe?
The North Sea remains strategically important for Europe’s energy security, and recent geopolitical developments have only reinforced the value of a reliable domestic supply. It is also one of the most mature and well-understood energy basins in the world, with strong data sets, established infrastructure, and decades of operational experience. For us at Viaro, that combination makes the region particularly attractive. Our disciplined approach to capital allocation allows us to identify and unlock value from existing assets whilst bolstering regional energy security.
The region has played a central role in Europe’s energy system for decades, and we believe it will continue to make an important contribution to Europe’s energy resilience as the broader energy landscape evolves. We have been vocal over the past few years in making sure the UK Government understands the importance of the North Sea basin, particularly given how heavily the UK North Sea has been punished by fiscal policies and regulations.
2. You have built a reputation for disciplined, long-term investment and operational excellence. How can that mindset contribute to strengthening Europe’s energy resilience?
Energy resilience ultimately depends on stability, investment discipline and strong operational standards across the industry.
At Viaro, our approach has always been to allocate capital carefully and invest where we believe assets can be managed responsibly and deliver a reliable supply. That mindset is particularly relevant in the North Sea today, where the basin is undergoing a period of consolidation as some companies rebalance their portfolios, pursue strategic transactions and reposition their businesses.
For Viaro, that dynamic creates opportunity. Our disciplined approach to capital allocation allows us to identify assets where we believe we can support continued development and responsible management, while also positioning the business for broader growth opportunities across Europe and internationally.
Responsible upstream investment is therefore not only about value creation, but also plays an important role in maintaining stable production, supporting supply chains and strengthening partnerships across the industry. At Viaro, our focus on careful capital allocation and operational excellence allows us to contribute to Europe’s energy resilience while helping ensure reliable supply.
3. As Europe balances energy security with decarbonisation goals, what role do you see for responsible upstream development in achieving both objectives?
Energy security and decarbonisation are often framed as competing priorities, but in reality, progress on decarbonisation depends heavily on the expertise, infrastructure and investment capacity of the oil and gas sector.
Domestic oil and gas production plays an important role in the energy mix. Producing energy closer to where it is consumed strengthens energy sovereignty, reduces reliance on imports and ensures it is developed under some of the highest environmental and regulatory standards in the world.
At the same time, responsible upstream development allows the industry to continue to improve efficiency, reduce operational emissions and deploy new technologies, where possible, that help lower the carbon intensity of production.
The energy transition will take time, and during that period reliable energy supply remains essential. Responsible upstream supports both objectives: it helps maintain a reliable energy supply while ensuring the resources Europe still needs are produced as efficiently and responsibly as possible.
At Viaro Energy, we focus on maximising resource potential while adhering to strict environmental standards, ensuring that Europe’s energy system remains robust and reliable as we transition toward a low-carbon future. We are also actively engaging with the energy transition, exploring potential investment opportunities and partnerships to accelerate low-carbon energy production.
4. Through your involvement in industry forums and energy transition initiatives, you engage with innovation and emerging technologies. Where do you see the most promising opportunities for progress?
Technology will play a critical role in improving how energy is produced, managed and integrated across the wider system.
One of the biggest opportunities is digitalisation. The oil and gas industry has traditionally been slower to adopt technologies like AI and advanced data analytics than some other sectors, but that is beginning to change. Used properly, these tools can significantly improve decision-making, optimise production and enhance safety by making much better use of the vast amount of operational data our industry generates.
Beyond the upstream sector, there are also major opportunities in the wider energy system. As electricity demand grows, driven by electrification, digital infrastructure, AI, and strengthening power networks, grid resilience will become increasingly important.
That is also why technologies that can provide dependable low-carbon power are attracting renewed attention. At Viaro, we actively explore these opportunities, fostering collaboration with industry partners to accelerate the adoption of technologies that align with Europe’s energy transition and decarbonisation goals; for example, we signed a memorandum of understanding with Terrestrial Energy to explore the deployment of advanced small modular nuclear reactors in the UK, including applications that could support energy-intensive industries and data centres.
Ultimately, the most meaningful progress will come from combining reliable energy production with smarter infrastructure and better use of data across the energy landscape.
