The oil tycoon hoping to buy up North Sea gas fields

Chris Blackhurst wonders whether Francesco Mazzagatti, attempting to make a £400m investment while fighting allegations of theft and fraud, can get the deal across the line

- Chris Blackhurst

Donald Trump did not hold back. On his state visit to the UK, the American president was typically forthright. At the joint press conference at Chequers with Sir Keir Starmer, Trump described wind energy as an "expensive joke" and exhorted the British prime minister to exploit the "great asset" of North Sea oil and gas. Said Trump: "We had the worst inflation in the history of our country and we had an expression that I used a lot: drill, baby, drill.

“And as you know, we brought fuel way down. The price is way down. And we don't do wind because wind is a disaster. It's a very expensive joke, frankly, and we've got our energy prices down ... And you have a great asset here... it's called the North Sea.”

Its ability to solve the UK's energy problems, he said, was "phenomenal".

Trump's exhortation may not have pleased everyone but one person who agreed with his every word is Francesco Mazzagatti. He's the Italian entrepreneur who soon, if all goes to plan, will speak for five per cent of Britain's gas production. His UK company, Viaro Energy, is close to buying 11 North Sea gas fields and an onshore terminal from Shell and ExxonMobil for £400m.

Mazzagatti, 39, is no fossil fuel zealot. Unlike Trump, he is a firm advocate of renewable energy, or some of it. “I’ve always seen oil and gas as part of the transition. It can’t be excluded.” He wants Viaro to be a major player, not just in oil and gas but in nuclear. “Fifteen, 16 years from now, that’s where I want to be. I believe in nuclear. Viaro will be my legacy.”