Private-equity firm Chrysaor Holdings Ltd. agreed to scoop up legacy British North Sea assets from ConocoPhillips Co. in a transaction worth more than $2 billion, the companies said April 18.

The sale is a part of ConocoPhillips’ strategy to focus on low-cost opportunities, said CEO Ryan Lance, which includes growing production from the Houston-based company’s so-called “Big 3” unconventional assets in the Lower 48.

As part of the agreement announced April 18, Chrysaor will buy two ConocoPhillips U.K. subsidiaries for about $2.7 billion, plus interest and customary adjustments. The effective date for the transaction will be Jan. 1, 2018.

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