The European Commission has approved the takeover of Iona Energy Company by two US firms.
Oaktree Capital Group Holdings and TPG now have joint control of the UK oil and gas exploration and production firm, which went into administration last year.
Iona Energy owns and develops the Orlando and Kells oil fields in the North Sea.
TPG is a global private investment firm managing varous funds that invest in companies through acquisitions and corporate restructuring.
Oaktree is a global investment management company specialising in credit strategies.
The Commission said the proposed acquisition would not raise competition concerns “given the very limited overlaps between the companies’ activities”.