Established in 2019, following the merger of Oranje-Nassau Energie and Dyas, ONE-Dyas is the largest privately-owned Dutch company focused on oil & gas exploration and production with core interests in the North Sea.

The strategy of ONE-Dyas is focused on developing an already strong portfolio of operated and non-operated assets and investments in the UK, the Netherlands and Germany. ONE-Dyas is uniquely positioned to take growth opportunities and create both short- and long-term value for all stakeholders, including SHV, which owns a 49% share in the ONE-Dyas group.

The role of the North Sea natural gas in the energy transition and in the security of supply has been increasing and being promoted at government level. However, at the same time, the investment climate has being eroding with permitting processes not being accelerated. Therefore, the challenge remains to making the right decisions that create added value for all stakeholders. This ultimately also benefits society, as locally produced gas still has a clear role in the energy transition, helping to reduce emissions and guarantee security of supply.

The Russia Ukraine conflict greatly impacted market dynamics in 2022. For an Exploration & Production company such as ONE-Dyas, it meant a shift in how the market, governments and society view the importance of security of supply. Natural gas sourcing from the largest supplier to Europe declined and that had an immediate and profound effect on the market. The traditionally volatile market was increasingly surprised with ever-rising prices as the year progressed. This unprecedented situation and prices prompted governments to increase pressure on operators such as ONE-Dyas to maximise production from existing reserves and accelerate new developments in the North Sea. Simultaneously, governments introduced significant additional taxes given the increased energy prices, including the windfall tax in the UK, the EU Solidarity Tax, and additional royalties in the Netherlands for 2023 and 2024.

The production volumes from the operated assets remained stable throughout the year. There was a higher operational activity level due to new discoveries and appraisals, including Clover and Ijssel. In September 2022, ONE-Dyas and its joint venture partners, Hansa Hydrocarbons and Dutch state-owned EBN, approved the development of GEMS in the North Sea region of the Netherlands and Germany, following the issuance of permits by the Dutch Ministry of Economic Affairs and Climate and a license in Germany.

As part of the strategic review initiated in 2021, ONE-Dyas sold its shares in ONE-Dyas Norge AS to Pandion Energy in June 2022 and signed an agreement for the sale of its Gabonese assets in January 2023.

Despite experiencing setbacks on a few assets, good performance of other non-operated assets (such as Arran and Elgin Franklin) contributed to overall good results. The portfolio remains of high quality and led to outstanding operational performance for ONE-Dyas. However, the results will be strongly impacted by the aforementioned windfall taxes in the UK and the Netherlands, reduction of commodity prices due to a warmer winter and lower demand, also leading to added pressure on future net income, investments and refinancing risks.

Security of supply