Under the terms of the agreement, MOL Group will pay $130m to acquire certain assets of Premier Oil UK including a balanced mix of existing and new production as well as both operated and non-operated exploration opportunities in the Scott-Telford and Rochelle Area.

Premier Oil chief executive Tony Durrant said, "However, this sale will allow our team in the UK North Sea to focus principally on our operated Solan and Catcher developments, and is a further step towards achieving our targeted disposals for the year."

Premier’s equity stake in the Scott, Telford and Rochelle fields is 21.8%, 1.6% and 15% respectively.

MOL Group Upstream group executive vice president Alexander Dodds said that the transaction extends the MOL Group’s presence on the global map of offshore E&P and provides several additional strategic rationales.

"I am certain that these assets are of considerable quality and will bring further positive results. The synergies gained with this transaction will complement MOL’s ambitions, and help realize the company’s vision of considerable growth of its international portfolio," Dodds added.