Dutch companies Oranje-Nassau Energie (ONE) and SHV Holdings have agreed to merge their respective upstream energy businesses into a new company called ONE-Dyas.
ONE-Dyas will be a North Sea-focused operator with 2019 gas and oil production of some 35,000 boe/day. Dyas is currently the upstream business of SHV, which has been operating in the Dutch and British sectors of the North Sea since 1964.
The new upstream operator ONE-Dyas is said to be backed by an experienced technical and entrepreneurial team, consolidating further on the track record of ONE and Dyas.
ONE’s parent company ONH will own 51% stake in the new upstream company while SHV will hold the remaining 49% stake.
ONE is among the largest privately owned exploration and production operating companies in the Netherlands. On the other hand, SHV is a diversified trading company with interests in oil and other sectors.
Dyas CEO Robert Baurdoux said: “I’m really looking forward to bringing together these two exceptional teams and taking our combined history and performance to the next level. This new entity has a lot of potential for further growth and will claim a prominent position as an independent operator.”
ONE-Dyas is expected to pursue additional growth opportunities, by leveraging portfolio synergies and cross learnings from its founding companies. It is also expected to continuously streamlining its portfolio, which is currently balanced between oil and gas and made up of operated and non-operated assets.
The new upstream entity will readily have available financing sources to fund its growth ambitions. It will be supported by a robust financial position with dedicated private shareholders, said ONE.
ONE CEO Alexander Berger said: “I am very pleased with the merger of ONE’s portfolio and team, with the high-quality portfolio and skills of the Dyas team. I am also excited about the growth potential of our combined asset base and believe that with the expertise and dedication of our people, we can contribute to meeting the local energy needs.”
Earlier this year, ONE reported an oil and gas discovery in the Triassic reservoir in the Dutch North Sea following the drilling of well P11-11 in license P11a.