North Sea oil producers Oranje-Nassau Energie (ONE) and Dyas have agreed to merge, according to a report from Reuters.

The Netherlands-based firms have interests in a range of UK assets between them, including the largest producing field in the North Sea, Nexen’s Buzzard development.

Citing industry sources, the news agency said the privately-owned companies have agreed to combine.

Dyas’ other notable assets include stakes in Premier’s Catcher Area, the Equinor-operated Mariner development and Ithaca’s Stella Area.

ONE UK, which has an office in Westhill, entered the UK North Sea in June 2015 when it announced the purchase of 50% of the Sean field from Shell and Esso Exploration and Production UK, which each held 25%.

The remaining 50% of Sean is held by SSE E&P UK.

ONE also has interests in Breagh, Buzzard,  Golden Eagle Area Development and Cladhan.

The firm’s UK subsidiary posted pre-tax profits of £5.6m in its 2017 annual accounts, down from £9.4m the previous year.

Dyas UK posted a pre-tax profit of £33.9m for last year, up from a loss of £4.1m in 2016.