For ONE-Dyas, 2024 was marked by a series of significant milestones, from the continued optimization of the UK portfolio to strong progress on a groundbreaking project in the Netherlands.
The Group divested its interest in the Arran field in the UK North Sea early in the year. In the final quarter, meanwhile, an agreement was reached for the profitable sale of its interest in another UK North Sea field. The transaction is expected to close early 2025 and represents an attractive opportunity to continue monetizing the value of its assets. Some of the proceeds will be directed towards interesting development opportunities within the remaining portfolio.
Production from current assets remained steady, while good progress was made in the exploration and development of new opportunities in the British, Dutch, and German regions of the North Sea. This included securing seven newly issued licenses of the eight UK Southern North Sea blocks applied for as part of a joint venture.
The GEMS project (NO5-A field) is a gas development straddling Dutch and German waters – and a key strategic investment for ONE-Dyas and its partners like Dutch state-owned company Energie Beheer Nederland (EBN). Development is very much going to plan in partnership with major Dutch companies such as Mammoet and Heerema Marine Contractors, with production from the N05-A gas field expected to commence in 2025.
ONE-Dyas continued to operate to the highest standards of excellence and in 2024 was awarded the ISO 27001 certification, which recognizes an ongoing commitment to rigorous information security management systems. Together with its joint venture partners, the Group also celebrated 10 years of operations without a single Lost Time Injury (LTI) at the Golden Eagle asset, a remarkable achievement highlighting the strength of a ‘safety first’ mindset.
The first ONE-Dyas ESG report was released in 2024. The report was well received by stakeholders, outlining the Group’s progress in matters of sustainability – including new opportunities in Carbon Capture Storage (CCS). In 2024, ONE-Dyas signed CCS cooperation agreements with EBN, while also entering a number of other joint ventures. These agreements represent a positive and necessary step in maturing and diversifying the ONE-Dyas CCS portfolio.
The Group is also working closely with the Dutch Ministry of Climate and Green Growth (KGG) to actively explore underground CO2 storage in North Sea offshore fields. The first steps in the permitting process are expected to take place in 2025.
In the meantime, local North Sea gas will continue to play an essential role on the way to a CO2-neutral energy supply by 2050, by securing local supply with the lowest CO2 footprint when comparing to gas imported from other countries. ONE-Dyas’ activities in natural gas production, together with a pipeline of pioneering sustainability initiatives, mean the Group is well placed to make major contributions towards this goal.
ONE-Dyas posted a strong financial performance for the year. Even so, revenues were down compared to 2023, reflecting lower production levels due to asset sales and lower commodity prices. Operational expenses remained under control and production targets were met for the existing assets. Net results were impacted by the impairment of UK assets, including Buzzard, as well as further tax increases in the UK.
Key Achievements and Developments
Environment, Social and Governance (ESG) Report