The Oil and Gas Authority (OGA) today welcomed Shell’s sale of North Sea assets to Chrysaor.
The regulator said the transaction showed the North Sea was open for business.
The deal involves the sale of Shell’s interests in nine fields and a 10% stake in Schiehallion.
Chrysaor’s chief executive is Phil Kirk, who is currently co-chair of the OGA’s UK exploration board.
A spokesperson for the OGA said: “We welcome this significant vote of confidence in the UKCS and the substantial investment it promises.
“It is a further demonstration that the North Sea is open for business.
“We look forward to considering the details of the proposed transaction.”