Royal Dutch Shell has sold a large portion of its North Sea assets to exploration & production company Chrysaor for £3bn.
The oil giant has completed the transaction as it looks to sell £23bn worth of assets in order to pay off the debt following its takeover of BG Group.
Chrysaor's acquisition, for which they have paid £3bn up front and will spread the remaining £480mn over the next four years, will amount to 120,000 net barrels of oil equivalent per day for 2017.
"With the acquisition of this package of high quality, low cost production assets, Chrysaor becomes the leading independent in the UK North Sea," said Phil Kirk, Chrysaor chief executive.
"We are grateful to Shell for collaborating with our team to ensure a smooth and safe transition. I am excited at the prospect of our highly professional existing and new staff working together with our new licence and supply chain partners to develop and grow the company together."
Chrysaor claims to the United Kingdom's largest E&P company, employing over 400 skilled staff and having the ambition to become a self-sustaining full cycle business.