The $2.7 billion deal makes Chrysaor the biggest UK North Sea oil producerJONATHAN NACKSTRAND/AFP/GETTY

A privately owned oil company that was barely heard of until two years ago will become the largest producer in the UK North Sea this year after striking a $2.7 billion deal to buy an American energy giant’s fields.

Chrysaor will seize the top spot after boosting its production by more than 40 per cent through the deal to acquire the entirety of Conoco Phillips’ UK oil and gas fields, which produce about 72,000 barrels a day.

The acquisition builds on Chrysaor’s 2017 purchase of about half of Royal Dutch Shell’s UK portfolio in a $3 billion deal that catapulted it overnight into the ranks of the biggest North Sea producers.

For Conoco Phillips the sale marks the end of 55 years’ involvement in production…