ONE-Dyas B.V. was established in 2019, following the merger of Oranje-Nassau Energie and Dyas. SHV owns 49% in this new entity. ONE-Dyas is the largest privately-owned Dutch oil & gas exploration and production company. Its core area of interest is the oil & gas basins of the North Sea. The company strategy is focused on further building on an already strong portfolio of operated and non-operated assets in the UK, the Netherlands, Norway and Denmark. In addition, the company has non-operated investments in Gabon. ONE-Dyas is uniquely positioned to capture growth opportunities and create both short and long-term value for all its stakeholders.

Like for so many others, 2020 has been an extraordinary year for ONE-Dyas. At the end of the first quarter the COVID-19 pandemic hit Europe and the rest of the world. Combined with disagreements at OPEC+ level, commodity prices hit record lows in March and April of 2020.

ONE-Dyas adapted well to ‘the new normal’ and quickly reacted to the material impact of the low commodity prices. In the second quarter of 2020, key actions were taken throughout the whole organisation to adjust to the new circumstances: cash preservation measures, pro-active commodity and foreign exchange risk management, active dialogue with ONE-Dyas lenders and an internal reorganisation.

Despite the lack of investments in the sector, ONE-Dyas continued with the development of its asset portfolio. Material investments were made in the Arran, Mariner and Buzzard fields in the UK. In Norway ONE-Dyas entered into a transaction pursuant to which it acquired a 9% interest in Norwegian licences also known as the Apollonia prospect. Next to that, ONE-Dyas keeps looking for further growth opportunities that fit within the strategy.

ONE-Dyas continues to be active with the environmental, social and governance (ESG) aspects of its business. In that respect ONE-Dyas has initiated a project to develop a comprehensive ONE-Dyas ESG strategy and framework. Focus will be on greenhouse gas emissions of today’s and future ONE-Dyas portfolio and roles ONE-Dyas can play in the energy transition.

ONE-Dyas was hit by the steep drop in both oil & gas prices for most of 2020 resulting in significant lower sales. As ONE-Dyas has strong hedging policies in place and was able to swiftly adjust capital expenditures and costs, the impact was reduced, leading to a positive result before revaluation of the oil & gas fields.

Quick response to new market circumstances