UK North Sea oil and gas producers Oranje-Nassau Energie BV (ONE) and SHV Holdings have reached an agreement to merge their upstream energy businesses.

This merged entity will be called ONE-Dyas.

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ONE-Dyas will be a key North Sea-focused independent operator, with gas and oil production of some 35,000boed in 2019. It will also have an experienced technical and entrepreneurial team.

The ONE-Dyas executive board will consist of CEO Robert Baurdoux, who is the current Dyas CEO; executive director Alexander Berger, the present ONE CEO; and CFO Chris de Ruyter van Steveninck, who is the existing ONE CFO.

Dyas CEO Robert Baurdoux said: “I’m really looking forward to bringing together these two exceptional teams and taking our combined history and performance to the next level. This new entity has a lot of potential for further growth and will claim a prominent position as an independent operator.”

“This new entity has a lot of potential for further growth and will claim a prominent position as an independent operator.”

ONE CEO Alexander Berger said: “I am very pleased with the merger of ONE’s portfolio and team, with the high-quality portfolio and skills of the Dyas team. I am also excited about the growth potential of our combined asset base and believe that with the expertise and dedication of our people, we can contribute to meeting the local energy needs.”

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ONE-Dyas, by leveraging portfolio synergies and cross learnings, will be able to tap growth opportunities.

Dyas currently has interests in several major British North Sea fields including Premier Oil-operated Catcher, Total-operated Elgin Franklin and Nexen-operated Buzzard, reported Reuters.

ONE has interests in Elgin Franklin, Breagh and Buzzard fields.

Under the agreement, ONE will have 51% stake in the combined group, while Dyas’s parent company SHV Holdings will hold the remaining 49%.

The deal is expected to complete in the first half of 2019.

In 2017, the two firms had a total production of more than 40,000boed.