Waldorf Production is nearing a deal to acquire oil and gas assets in the British and Dutch North Sea from ONE-Dyas for more than $1 billion, industry sources said on Feb. 11.
Under the terms of the emerging deal, private equity backed Waldorf Production has also agreed to buy assets in Norway and Gabon from ONE-Dyas should the privately owned company fail to find other buyers, the sources said.
Many oil and gas fields in the British North Sea have moved into the hands of smaller players in recent year, often backed by private equity, as larger producers such as Shell and BP seek to offload ageing assets and increase investment in renewables.
Waldorf Production, led by CEO Erik Brodahl, currently owns stakes in seven producing fields in the North Sea and is looking to expand further through acquisitions, its website says.
ONE-Dyas declined to comment and Waldorf did not respond to requests for comment.
Waldorf Production has also bid for the North Sea oil and gas assets owned by Hungarian energy group MOL, two sources said.
MOL did not respond immediately to a request for comment.
Last November, Waldorf Production completed the acquisition of assets from Cairn Energy, including a 29.5% stake in the Kraken oilfield and a 20% interest in the Greater Catcher Area, which brought its average production to 22,000 barrels of oil equivalent per day, its website says.
Recommended Reading
Crescent Point Energy to Rebrand as Veren Inc.
2024-03-21 - The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
JMR Services, A-Plus P&A to Merge Companies
2024-03-05 - The combined organization will operate under JMR Services and aims to become the largest pure-play plug and abandonment company in the nation.