Dutch oil and gas producer Oranje-Nassau Energie (ONE) announced its entry into the UK North Sea yesterday after snapping up 50% of the Sean field.
The move increases the Amsterdam-based firm’s total production to more than 20,000 barrels of oil equivalent per day and is part of its “long-term reserve base growth strategy”.
Sean is in the southern sector of the North Sea and ONE is now the operator after acquiring its stake from Shell and Esso Exploration and Production UK, which each held 25%. The remaining 50% is held by SSE E&P UK.
Announcing completion of the deal as well as the opening of a new office in Norwich to support UK activities, ONE chief executive Alexander Berger said: “Our ambition is to become the preferred southern and central North Sea operator.
“We are optimistic about the growth prospects of the Sean area and believe that our experience, coupled with our strong balance sheet makes us well-positioned to capitalise on other opportunities.”
The firm said its ambitions were backed by a strong financial position, with dedicated private shareholders and a £222million reserve-based corporate loan facility from a consortium of banks.