ONE-Dyas delivered solid operational and strategic performance across its portfolio in the Netherlands, UK, and Germany. Despite lower gas prices and intensified regulatory scrutiny across the market, the Group continued to prioritize safe and stable production, development of key projects, and contribute to the energy transition.
The GEMS project achieved a major operational milestone, with first gas from the N05-A development in the Dutch German North Sea. N05-A has become the first offshore gas installation in the Southern North Sea to operate fully on offshore renewable electricity. This marks an important milestone for the energy sector and sets a new benchmark for low-emission offshore gas production in the region. N05-A provides a stable source of locally produced gas with significantly reduced emissions compared to LNG imports – strengthening supply security for the Netherlands and Germany.
Operational performance across the wider asset base remained robust. Overall, assets' production performed at or above expectations, supported by disciplined execution and oversight. The UK Sean field ceased production in 2025 and has initiated decommissioning. The Group also made progress on several future opportunities, including several prospects as part of the GEMS development area.
ONE-Dyas continued to actively manage its portfolio through selective divestments and targeted investment in long-term growth areas. Following the divestment of mature non-core UK assets, including the Breagh and Arran fields, the company is now focused on longer-life assets and the appraisal of major discoveries such as Pensacola and Crosgan in the UK. This strategic balance of divestment and reinvestment supports a more resilient portfolio, allowing capital to be directed towards assets with strong potential long-term value.
Safety remains a core priority at ONE-Dyas, maintaining a strong safety record throughout the year whilst expanding the scope of its safety culture program – including measures on drilling operations. This reinforces a clear commitment to safe and responsible operations, both by ONE-Dyas itself and the contractors who provide services.
Progress was also made in decarbonising the portfolio. The Carbon Capture & Storage (CCS) project, in the Dutch North Sea, achieved an important milestone with the submission of the storage licence application. This represents a meaningful step towards enabling large-scale, permanent CO₂ storage, in support of national and European climate objectives under the Net-Zero Industry Act (NZIA). In parallel, the Q16-Maas location was confirmed as a leading candidate for underground hydrogen storage. Preparations continued for CSRD-aligned reporting, while governance, data processes, and supply chain ESG integration have all been strengthened.
Despite positive operational developments, the 2025 financial performance was negatively impacted by lower Oil & Gas prices at year end, continued high UK taxes, increased development costs amid challenging market conditions, and two unsuccessful exploration wells. These factors were partially offset by stable production, strong N05-A performance, asset sales, and disciplined cost management.
Entering 2026, ONE-Dyas is well positioned to develop its role in the North Sea energy transition. Wind-powered drilling and production on N05-A, increasing maturity of CCS projects, and sustained operational excellence will remain key priorities. By adopting a balanced approach combining reliable production with tangible progress in emission reduction and future energy solutions, ONE-Dyas aims to continue creating long-term value for shareholders and other stakeholders.
Global geopolitical developments may continue to influence energy markets and price dynamics. ONE‑Dyas remains focused on operational reliability, cost discipline and long‑term value creation.
Key Achievements and Developments
Environment, Social and Governance (ESG)
Performance
Outlook