North Sea focused Waldorf Production has started exclusive talks to buy the assets of Dutch oil and gas company ONE-Dyas BV, according to people familiar with the matter.
The companies entered negotiations last week in a deal that could exceed $1 billion, said the people, who asked not to be identified because the information is private. Talks are ongoing and there’s no certainty they’ll result in an agreement, the people said.
ONE-Dyas last year began the process of offering assets in the North Sea and Gabon that produce almost 30,000 barrels of oil equivalent a day, according to documents seen by Bloomberg in July. Its shareholders were seeking to sell all the assets for cash in one corporate deal, the documents showed.
ONE-Dyas declined to comment and Waldorf Production didn’t immediately respond to requests for comment.
North Sea oil and gas has seen an uptick in M&A, after deals slowed in 2020 as the Covid-19 pandemic unfolded.
A number of newcomers have been picking up discarded assets from oil majors and larger operators who’ve retreated from the aging basin. Late last year, Spirit Energy Group agreed to sell its Norwegian business to private-equity backed Sval Energi AS in December, and Japan’s JX Nippon Oil & Gas Exploration Corp. sold its U.K. fields for $1.7 billion.