Shell has received clearance from the European Commission to sell a package of its UK North Sea assets for up to $3.8 billion (£3bn).

Chrysaor Holdings Limited, part of EIG Global Energy Partners, will take sole control of the assets, including shareholdings in a number of oil fields and infrastructure and the relevant liences.

They represent around half of the company’s 2016 North Sea output.

Chrysaor develops and commercialises oil and gas resources and EIG is a global investment fund specialising in energy and related infrastructure.

The Commission said the proposed acquisition would not raise competition concerns “given the very limited overlap between the companies’ activities and the presence of strong competittors”.

Shell plans to sell around $30 billion (£24bn) of assets by 2018 as it seeks to pay off debt following its takeover of BG Group.