Waldorf is approaching a deal to buy ONE-Dyas oil and gas assets in the North Sea

Waldorf Production is approaching a deal with Dutch company ONE-Dyas to acquire the latter’s oil and gas assets in the UK and the Dutch North Sea for more than $ 1 billion. Reuters.

This deal, when completed, is part of Waldorf Production’s efforts to expand its operations in the North Sea, where it already has an interest in seven deposits.

Waldorf could also buy ONE-Dyas assets in Norway and Gabon if the Dutch firm fails to find other buyers for those assets, industry sources told the news agency.

ONE-Dyas has launched a process to sell its assets in the North Sea and Gabon in 2021. The facilities under sale have a production capacity of approximately 30,000 barrels of oil equivalent per day, reported Bloombergciting documents he saw in July 2021.

Documents showed that the company’s shareholders sought to sell all oil and gas assets in the two areas in a single corporate money deal.

Waldorf, backed by private equity, has applied to buy the oil and gas assets of the Hungarian energy group MOL in the North Sea, the news agency reported, citing two sources.

In November 2021 Waldorf Production acquired Cairn Energy29.5% stake in the Kraken oil field and 20% stake in the Greater Catcher Area.

Many small companies, often backed by private equity, have acquired several oil and gas fields in the UK’s North Sea in recent years, according to Reuters.

Sales of assets by major manufacturers such as BP and shell, come when they shift their focus to renewable projects, depriving them of obsolete assets.

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