Waldorf Production, a prolific buyer of oil and gas exploration assets in the North Sea, is seeking to raise as much as $2 billion to help bankroll more deals, people with knowledge of the matter said.
The North Seaโs new class of operators could be poised to further strengthen their dominance in the basin with several major assets expected to hit the market.
North Sea focused Waldorf Production has started exclusive talks to buy the assets of Dutch oil and gas company ONE-Dyas BV, according to people familiar with the matter.
Waldorf Production UK has hired a mergers and acquisitions (M&A) expert as its general counsel and commercial director, based in its Aberdeen headquarters.
By Alasdair Green is head of energy at Anderson Anderson & Brown
A year on from being hit by some of the biggest challenges the upstream exploration and production (E&P) sector has faced and so far in 2021, we have seen a greater volume of disclosed North Sea deal value than in the whole of 2020.
Waldorf Productionโs chief executive has said the company remains hot on the trail of more acquisitions after inking a deal to buy stakes in the Catcher and Kraken fields from Cairn Energy.
The blockbuster start to 2021 made by UK North Sea buyers looks set to continue with a further ยฃ3.6 billion of assets potentially changing hands by year-end, an analyst has said.
Scottish oil company Cairn Energy has agreed to sell its stakes in the Catcher and Kraken fields in the North Sea to Waldorf Production for ยฃ330 million.
A newly-formed oil firm claimed on Tuesday night that it had captured stakes in four producing North Sea fields through the acquisition of Endeavour Energy UK (EEUK).