In short: Private, and the reason Tenaz broke its own rule about operating. "One Dios, which is the largest private oil and gas company in Netherlands, is the operator and they're a good operator." Tenaz holds ~one-third of the current N5A development (licences 27–45% across the leasehold) and accepted the non-control position because of "the rates of return on the original investment and on this drilling which pays out super rapidly." He also credits ONE-Dyas and its predecessor with the geological insight that made GEMS work — that the Rotliegend sands sit in the structural lows, not on the crests.
ONE-Dyas is a privately held Dutch oil and gas company — the largest private one in the country, by Marino's description — and it operates GEMS, the new field on the Dutch/German maritime border. You cannot buy shares in it; it matters because Tenaz owns roughly a third of the current development and ONE-Dyas makes the day-to-day decisions.
That is a real departure for Tenaz, which normally insists on operating so it can set the pace and match spending to its own goals. Marino explains the exception simply: the wells pay back their cost within months at these rates and prices, so giving up control was worth it. He also gives ONE-Dyas the intellectual credit for the field existing at all — earlier drillers aimed at the tops of the geological structures and found no reservoir sand; ONE-Dyas and its predecessor worked out that the good sand had settled into the lows, and drilling there produced the two highest-rate wells in the Netherlands.
The platform is also powered by an offshore wind farm on the German side of the border and drilled with an electric rig, which he offers as a sustainability point.
47:34One Dios, which is the largest private oil and gas company in Netherlands, is the operator and they're a good operator. Even though we would prefer to operate, it's not the case today. And the value in the asset, the growth opportunity, the rates of return on the original investment and on this drilling which pays out super rapidly at these prices and rates, production rates, within a few months.
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