British North Sea-focused oil and gas producers, Oranje-Nassau Energie (ONE) and Dyas, have agreed to merge to expand production, the privately-owned companies said Dec. 20.
The merged group, ONE-Dyas, will operate alongside a group of several relatively large independent oil producers that entered the North Sea in recent years, including private equity-backed Chrysaor and Neptune.
The tie-up will enable ONE-Dyas “to pursue further growth opportunities,” according to the statement.
The two Netherlands-based firms expect to have a joint production in 2019 of 35,000 barrels of oil equivalent per day (boe/d), they said.
Dyas holds stakes in several major British North Sea fields, including Nexen-operated Buzzard, Premier Oil-operated Catcher and Total-operated Elgin Franklin. ONE also holds stakes in Buzzard, Elgin Franklin and Breagh.
The company will be led by Robert Baurdoux, the current CEO of Dyas, while ONE’s current CEO Alexander Berger will act as executive director.
Under the agreement, ONE will own 51% of the shares in the combined group, while SHV Holdings, Dyas’s parent company, will hold the remaining 49%.
The deal is expected to close in first-half 2019.
The two had a combined production of over 40,000 boe/d in 2017, according to their websites.
Recommended Reading
TC Energy’s Keystone Back Online After Temporary Service Halt
2024-03-10 - As Canada’s pipeline network runs full, producers are anxious for the Trans Mountain Expansion to come online.
Enbridge Fortifies Dominant Role in Corpus Christi Crude Transport
2024-03-20 - Colin Gruending, Enbridge executive vice president and president for liquids pipelines told Hart Energy the company’s holdings in South Texas are akin to a “catcher’s mitt” for Permian and Haynesville production.
Early Startup of Trans Mountain Pipeline Expansion Surprises Analysts
2024-04-04 - Analysts had expected the Trans Mountain Pipeline expansion to commence operations in June but the company said the system will begin shipping crude on May 1.
Kinder Morgan Sees Need for Another Permian NatGas Pipeline
2024-04-18 - Negative prices, tight capacity and upcoming demand are driving natural gas leaders at Kinder Morgan to think about more takeaway capacity.
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.