Fossil Energy – acquisition
Waldorf Production is nearing a deal to acquire oil and gas assets in the British and Dutch North Sea from ONE-Dyas for more than $1 billion.
Under the terms of the emerging deal, private equity-backed Waldorf Production has also agreed to buy assets in Norway and Gabon from ONE-Dyas should the privately-owned company fail to find other buyers, the sources said.
Many oil and gas fields in the British North Sea have moved into the hands of smaller players in recent year, often backed by private equity, as larger producers such as Shell and BP seek to offload aging assets and increase investment in renewables.
So far, ONE-Dyas declined to comment and Waldorf did not respond to requests for comment.
Waldorf Production has also bid for the North Sea oil and gas assets owned by Hungarian energy group MOL, two sources said.
MOL did not respond immediately to a request for comment.