Waldorf Said in Talks to Buy Dutch Oil and Gas Producer ONE-Dyas

North Sea focused Waldorf Production U.K. Ltd. has started exclusive talks to buy the assets of Dutch oil and gas company ONE-Dyas BV, according to people familiar with the matter.

The companies entered negotiations this week in a deal that could exceed $1 billion, said the people, who asked not to be identified because the information is private. Talks are ongoing and there’s no certainty they’ll result in an agreement, the people said.

ONE-Dyas last yearbegan the process of offering assets in the North Sea and Gabon that produce almost 30,000 barrels of oil equivalent a day, according ...