Waldorf Production is nearing a deal with the Netherlands-based One-Dyas to acquire the latter’s oil and gas assets, in the UK and Dutch North Sea, for more than $1bn, reported Reuters.

This deal, if it is finalised, is part of Waldorf Production’s efforts to expand its operations in the North Sea, where it already holds interest in seven producing fields.

Waldorf could also buy ONE-Dyas’s assets in Norway, and Gabon, if the Dutch firm fails to find other buyers for these assets, the industry sources told the news agency.

ONE-Dyas launched the sale process for its assets, in the North Sea and Gabon, in 2021. The assets considered for sale have a production capacity of approximately 30,000 barrels of oil equivalent a day, reported Bloomberg, citing documents it had seen in July 2021.

The documents revealed that the firm’s shareholders were seeking to divest all the oil and gas assets in these two areas under one corporate cash deal.

The private equity-backed Waldorf made a bid to purchase Hungarian energy group MOL’s North Sea oil and gas assets, reported the news agency, citing two sources.

In November 2021, Waldorf Production acquired Cairn Energy’s 29.5% interest in the Kraken oilfield, and a 20% stake in the Greater Catcher Area.

Many smaller companies, often backed by private equity, have been acquiring several oil and gas fields in the UK North Sea in the recent years, reported Reuters.

The sale of assets by larger producers, such as BP and Shell, come as they shift their focus towards renewable projects while divesting ageing assets.