Grangemouth refinery operator Ineos confirmed on Sunday it is in talks with ConocoPhillips to acquire its assets in the North Sea — with industry analysts saying the deal could be valued at more than $3 billion.

Such a deal could transform Jim Ratcliffe’s company into a major operator in North Sea oil and gas production to dovetail with its refineries, infrastructure and chemical plants.

Ineos also owns the North Sea Forties Pipeline System (FPS).

A ConocoPhillips spokeswoman said it is in “exclusive negotiations with Ineos” for its UK assets, excluding its Teeside oil terminal and London assets.