Chrysaor is near a deal to buy ConocoPhillips’ North Sea assets, according to a news report.

Citing two industry sources, Reuters reports that the the main terms of the acquisition have been agreed, however it could yet fall through.

The news agency said the value of the deal is still unclear.

It has been estimated that Conoco’s assets could be worth up to £2.2bn.

Last week Bloomberg reported that Conoco was in talks to sell the package of assets to Chrysaor.

It comes after discussions with petrochemicals firm Ineos failed.

Last year Conoco agreed to sell a 16.5% stake in the Clair field to BP and plans to cut 450 UK positions by 2020 after stopping Southern North Sea production through the Theddlethorpe Gas Terminal in 2018.

Chrysaor acquired a package of assets from Shell in 2017 in a deal worth nearly £3bn.