British utility Centrica PLC, the parent company of British Gas, agreed Wednesday to acquire French producer Total E&P's North Sea oil and gas assets for $388 million.

Centrica believes the deal will increase its reserves by around five percent, producing 9,300 barrels of oil per day in 2012.

The assets include seven producing fields, with an estimated 22 million barrels of oil equivalent, broken down into 36 percent gas and 64 percent oil.

Centrica is the U.K.'s largest energy supplies, with around 16 million customers.

This acquisition in the North Sea provides a good fit with our existing portfolio and strategy, bringing strong cash flow and adding value for Centrica, Mark Hanafin, managing director of Centrica Energy, said in a statement.