By Ron Bousso
LONDON, Feb 11 (Reuters) - 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, industry
sources said on Friday.
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 ageing assets and increase
investment in renewables.
Waldorf Production, led by Chief Executive Erik Brodahl,
currently owns stakes in seven producing fields in the North Sea
and is looking to expand further through acquisitions, its
website says.
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.
Last November Waldorf Production completed the acquisition
of assets from Cairn Energy, including a 29.5% stake in the
Kraken oilfield and a 20% interest in the Greater Catcher Area,
which brought its average production to 22,000 barrels of oil
equivalent per day, its website says.
(Reporting by Ron Bousso
Additional reporting by Anita Komuves
Editing by David Goodman)
BP (BP.)