Royal Dutch Shell has made an agreement to sell $3.8bn (£2.46bn) worth of its North Sea assets to oil exploration firm Chrysaor.
The move comes as part of continuing debt reduction measures.
By 2018, Shell has the aim of selling $30bn of its assets as it continues to pay debt following the BG Group takeover.
After the deal, has been completed, Chrysaor will become the largest independent operator in the North Sea.
Shell said on the completion of the deal 400 staff will move to Chrysaor.
Shell’s chief financial officer Simon Henry spoke of the deal and said it “builds on recent upstream divestments in the Gulf of Mexico and Canada.”
He also added that the firm wanted to “simplify our portfolio following the acquisition of BG”.