The first information about a potential remake of The Elder Scrolls IV: Oblivion appeared online in the summer of 2023 from a former Virtuos employee. Later, the existence of the project was indirectly confirmed by leaked Microsoft documents, and a little over a year later, the remake was mentioned by bloggers eXtas1s, NateTheDrake, and Klobrille, who have previously shared accurate information about upcoming Microsoft releases.

The improved version of Oblivion is being developed by Virtuos Games, according to sources. They refer to the re-release as a "remake" but note that, in terms of changes, it is similar to Halo: Combat Evolved Anniversary, meaning the gameplay will remain largely unchanged from the original. The updated version is being created using the Unreal Engine 5.

The announcement of the re-release is expected to take place during the Xbox Developer Direct presentation in January, according to eXtas1s. The remake is allegedly set for release in 2025.

For most of its existence, Virtuos studio focused on outsourcing, but more recently, it has worked on more significant projects, including the upcoming remake of Metal Gear Solid 3. For example, Virtuous also worked on the 2.2 update for Cyberpunk 2077 that brought more customization options for both V and their vehicles.

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