Waldorf Production has struck deals to buy the Netherlands businesses of fellow North Sea producers TAQA and Dana Petroleum.
Dana, owned by Korea’s KNOC, confirmed a Sale and Purchase agreement has been reached, though did not disclose financial details.
The firm has interests in 21 oil and gas fields including the De Ruyter, Hanze, Van Ghent and Van Nes fields in the Dutch sector.
In a separate short statement, UAE-headquartered TAQA disclosed it has agreed to sell its TAQA Energy BV subsidiary on a 100% basis.
Terms have not been disclosed and the deal remains subject to third-party approvals.
TAQA’s assets include the the P15 and P18 blocks, 21 miles northwest off the coast of Hoek van Holland, consisting of oil and gas production facilities including the central P15-ACD complex and several satellite production platforms.
It also has the Bergen II onshore production area.
The deals do not impact operations in the UK North Sea.
Waldorf has been on an acquisitions spree since entering the sector in 2019, most recently with the purchase of Alpha Petroleum.
It also recently doubled its stake in the Catcher field in the UK sector to 40%.
Entering the market three years ago with the purchase of stakes in a series of fields, the firm has been focused on the UK sector.
However it was reported at the start of this year to be turning its eye to the Netherlands, in talks for ONE-Dyas’ Dutch oil and gas assets for $1bn.
Waldorf is managed and owned by an experienced team led by Jon Skabo and chief executive Erik Brodahl, who founded the company with support from a consortium of investors.
Mr Brodahl is a Norwegian entrepreneur with 25 years’ experience in oil and gas private equity and business development.
Along with Catcher, the firm has stakes in the Alba, Bacchus, Bittern, Kraken, Columbus and Enoch fields in the UK.
Dana and TAQA
Last year TAQA, which is focused on utilities in its home base of the UAE, announced a strategic review of its oil and gas assets which it had considered putting up for sale.
The UK North Sea business appeared to be up for grabs, however with the surge in commodity prices, the firm decided in July to retain the majority of the international oil and gas assets.
Meanwhile Dana owner KNOC has been seeking to alleviate its huge debt pile of more than $15bn.
In 2019, Reuters reported that KNOC had been seeking to sell down 30% of Dana in a bid to help tackle the deficit.
The news agency reports that the Walforf-Dana deal is below a $1bn valuation, citing unnamed sources.