ONE-Dyas remained focused on maximising opportunities within its strong portfolio of operated and non-operated assets in the United Kingdom, the Netherlands, and Germany. The company concluded the sale of its Kowe and Agali assets in Gabon during the year. 

2023 has been a year of stabilisation in the energy market after an extremely turbulent 2022. The European gas market is, however, still subject to constraints due to the significant reduction of gas flowing from Russia into Europe, which is keeping prices above historic averages. The price of oil, meanwhile, has remained volatile.  

High inflation and climbing interest rates increased costs, while the industry also felt the negative impact of UK and Dutch windfall taxes. ONE-Dyas was no exception.

The company met production targets, thanks to the overperformance of operated assets and stable production levels from non-operated assets.  

Despite progress being made in the GEMS development, the schedule for all offshore activities has had to be adjusted to reflect changes necessitated by a preliminary injunction ruling in April 2023. This ruling related to the nitrogen issue impacting all building projects within 25 km of a protected Natura2000 area in the Netherlands. As a consequence, offshore preparations—including pipeline laying and pre-drilling of wells—were postponed until 2024. 

A court case, filed against the Ministry of Economic Affairs and Climate Policy (EZK) and the granting of a permit to the N05-A (GEMS) project, was held in September. An additional hearing has taken place at the end of January 2024, focusing exclusively on nitrogen emissions. Both EZK and ONE-Dyas are confident in a positive outcome. 

In the meantime, preparations that have not been impacted by the preliminary injunction continue to ensure that first gas will become available to Dutch and German households and businesses by the end of 2024. In this respect, the N05-A platform is currently being constructed at the Schiedam shipyard, with support from both Mammoet and ERIKS.   

ONE-Dyas continues exploration activities in full alignment with the Dutch and UK governments’ drive to expedite gas extraction in the North Sea. A drilling sequence of three wells in both UK and Dutch waters gave good ground for further research into two potential new developments. 

2023 also saw the company taking a first step into the emerging Carbon Capture and Storage industry, conducting feasibility studies and exploring collaboration options for both its operated and non-operated assets. While the outlook for carbon storage in the North Sea is positive, the market is still in its early stages. 2024 will be marked by de-risking the business case and maturing the portfolio opportunities at hand. The company is also exploring green hydrogen production, with the future electrification of N05-A using offshore wind energy offering unique potential. 

The essential role of North Sea natural oil & gas in the energy transition is being increasingly recognised. Government-level support is evident and even more so, both the UK and Dutch focus on accelerating production from the North Sea. The benefits of local exploration and production are obvious: significantly reducing emissions compared to importing oil & gas from abroad while also safeguarding a reliable and affordable energy supply, also supporting the local economies. ONE-Dyaswill continue to act with responsibility and make judicious decisions that add value for shareholders, employees, and other stakeholders.