Shell, in the deal, raised its stake in the Schiehallion field west of Shetlands to 55 percent by taking on Murphy's 5.9 percent stake in the region. Through a separate agreement, Murphy takes over for Shell at the Seal facilities within the Peace River oil sands region of Alberta, Canada.
Neither company offered financial terms of the transaction.
Shell said Wednesday that increasing its stake offshore United Kingdom is part of a move to sustain "the existing upstream engine."
Murphy said production in the Alberta area stands at around 2,200 barrels of oil per day. Once the transaction is completed this quarter, the company said its holdings in the area would total 331,000 net acres with a total production of more than 9,000 boe per day.
"As operator of this area and its existing lands Murphy will be able to advance its growth plans for conventional as well as enhanced oil recovery opportunities," the company said in a statement.