Energy firm ConocoPhillips are to sell their exploration and North Sea production assets to Chrysaor for £2bn.
In 2018 the North Sea assets produced 72 thousand barrels of oil per day with 99m barrels of proven reserves.
ConocoPhilips will retain their London based commercial trading business and hold 40.25% interest in the Teesside oil terminal, proceeds from the transaction are to be used for corporate purposes.
In 2017 the private equity backed Chrysaor bought North Sea assets from Shell to £3bn.
Ryan Lance, ConocoPhillips chairman and chief executive said, “We are extremely proud of the legacy we’ve built in the UK over the last 50 years and are pleased that Chrysaor recognises the value of this business.”
Chrysaor said the deal has the “potential for further cost efficiencies through near field tie-backs and third party business.”