Tullow Oil has agreed a deal to buy Nuon Exploration and Production for €300m from Vattenfall.
The company said the deal will 'significantly enhance' Tullow's North Sea business by adding a portfolio of 25 licences that include over 30 producing fields, numerous development and exploration opportunities and ownership of key infrastructure.
It added that it is also 'very complementary' to the company's existing Dutch assets.
The deal will increase Tullow's North Sea gas production by 9,000 boepd to approximately 23,000 boepd and will also add more reserves and resources.
'The portfolio includes a number of near term development and exploration opportunities with the potential to sustain and grow production in the short term. The ownership and access to key infrastructure is an excellent strategic fit with Tullow's existing exploration acreage in the area,' a statement from the company said.
