Hungary-based oil and gas company MOL has closed its previously announced deal with German BASF Group member Wintershall and acquired offshore assets with 14 licenses in the North Sea for $375m.
Under the share purchase agreements signed with Wintershall on 12 December 2013, MOL has acquired offshore assets on the UK Continental Shelf.
According to MOL, the portfolio includes non-operated equity stakes in the Broom (29%), Catcher (20%), Cladhan (33.5%), Scolty and Crathes fields (50%).
Wintershall’s equity share in Sullom Voe Terminal and Brent Pipeline System’s infrastructure assets were also part of the deal.
MOL Group E&P executive vice-president Alexander Dodds said: "The North Sea is a very attractive area, and MOL will continue to develop its presence in the region.
"We intend to take part in upcoming licensing bid rounds and aim to become operators ourselves."
The deal, which is said to be of strategic value for MOL, provides the company with an opportunity to acquire a foothold in the attractive North Sea area.
In December, the companies also signed a strategic cooperation memorandum to develop their partnership and pursue E&P opportunities in both the North Sea and the Middle East region jointly.
Recently, MOL opened an office in Aberdeen in a bid to support its operations and its future expansion in the region.