Sval Energi has signed an agreement with Suncor Energy to acquire Suncor Energy Norge.
The corporate transaction includes the following assets on the Norwegian Continental Shelf:
- 17.5% ownership in the Fenja field (PL 586)
- 30% ownership in the Oda field (PL 405)
- 8 additional licenses
The transaction will add a daily production of approx. 4000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves to the Sval Energi portfolio.
CEO Nikolai Lyngø of Sval Energi said:
'This transaction represents another step on our growth journey. We already have a capable team in place and look forward to welcoming new colleagues from Suncor’s Norway team – they will strengthen us even further.
'The Norwegian Continental Shelf is still attractive, and we are building a strong cash-generating business in Norway with producing assets, future developments, and exciting exploration opportunities. We are executing our strategy and transforming into a significant player on the Norwegian Shelf.'
The acquisition of Suncor Energy Norge constitutes a transfer of undertaking according to the Norwegian Working Environment Act, which means that the employees of Suncor Energy Norge will be transferred to Sval.
The commercial effective date is 1 March 2022, and the deal is expected to be closed before the end of the year. The transaction is subject to approval from the relevant Norwegian authorities.
About Sval Energi
Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Recent transactions include acquiring Spirit Energy Norway and ownership in the Martin Linge and Ekofisk fields (the last two being subject to required approvals).
Quick facts about Sval Energi (excluding Suncor Energy Norway):
- 155 employees, main office in Stavanger, branch office in Oslo
- Operator for two producing fields: Oda and Vale
- Partner in eight producing fields and five developments
- On course to reach 100,000 barrels of oil equivalent per day in 2023
- 67 licenses on the NCS (9 operated)
Source: Sval Energi