ONE-Dyas in 2019
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 also has non-operated investments in Gabon and Malaysia. ONE-Dyas is uniquely positioned to capture growth opportunities and create both short and long-term value for all its stakeholders.
ONE-Dyas is a prominent North Sea focused business with an experienced technical and entrepreneurial team. This enables ONE-Dyas to pursue further grow opportunities, by leveraging portfolio synergies and cross-learnings, and by continuously optimising the portfolio.
During 2019, many activities were carried out to achieve an effective integration of the two companies. These focused on people, systems and ways of working, while at the same time ensuring that the existing business of the two companies would not be disrupted.
Business results depend on the operational performance of the assets, the price of crude oil, the price of natural gas and the exchange rates of the US dollar and the British pound. In 2019, as a result of low oil & gas prices, the upstream business environment continued to be challenging.
As part of the process to rationalise the post-merger portfolio and to allow ONE-Dyas to focus on projects with more remaining potential, two agreements were reached to sell packages containing mature Dutch gas assets. Both transactions are still to be closed.
The development of existing assets in the ONE-Dyas portfolio continued and after a considerable project duration, the Mariner oil field, one of the largest projects in the UK North Sea in recent years, started production in August. Development of the Arran field, a gas condensate field in the UK Central North Sea, is ongoing and is expected to come into production in 2021.
Following the merger, a strategic decision was made to strengthen the focus on exploration in Norway and to expand the organisation to find further growth opportunities. In 2019, an investment was made in the Nova oil field development project, which is expected to come onstream in 2021.
ONE-Dyas is committed to protecting the environment and responding to the changing environmental conditions. An Environmental Management System (EMS) helps the company to operate and develop oil & gas production assets in compliance with all relevant legal and stakeholder requirements.
The reserve replacement ratio was 127%, as 14.5 million barrels of oil equivalent were added to the portfolio during 2019, compared to the 11.4 million barrels of oil equivalent produced in the year. Additionally, some 24 million barrels of oil equivalent were added to the ONE- Dyas resource funnel.