Shell has agreed to buy BP’s stake in the central North Sea Shearwater hub, pre-empting a deal agreed last month between the UK supermajor and private equity backed operator Tailwind Energy.

Shell, which operates Shearwater and currently holds a 28% interest, is to acquire BP’s 27.5% working interest in Shearwater, 12.176% interest in the SEAL pipeline and 12.176% interest in SILK pipeline.

After the deal completes, Shell will have a 55.5%