The British oil company, Prime Minister Oil, is merging with Chrysaor to form the largest oil and gas producer in the British part of the North Sea.
The merger creates a group which produces the equivalent of more than 250,000 barrels of oil every day. The combined company has a stock exchange listing in London. The majority of the merger is owned by Chrysaor. With the deal, Prime Minister Oil will be able to close a difficult period, with a sharp drop in stock prices and a debt restructuring.
Chrysaor, founded in 2007, has strengthened its position in the North Sea in recent years through the acquisition of properties by Shell and ConocoPhillips, among others. That involved billions of dollars.
The new merger company will be led by American Linda Cook, making her one of the few women executives in the oil industry.