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Norway: Sval Energi completes USD 1.3 billion deals with Equinor and Suncor

03 Oct 2022

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Sval Energi strengthens its position on the Norwegian Continental Shelf by closing the previously announced Martin Linge and Greater Ekofisk Area transactions with Equinor and the acquisition of Suncor Energy Norge.

  • The acquisitions from Equinor of holdings in the Martin Linge Unit and the Greater Ekofisk Area closed 30 September, with an effective date of 1 January 2022.
  • The acquisition of Suncor Energy Norge AS closed 30 September, with an effective date of 1 March 2022.
  • The transactions add around 34,000 barrels of oil equivalent per day to Sval’s production.

CEO Nikolai Lyngø of Sval Energi said: 'We are satisfied to have completed these transactions. We are adding significant value to our team and portfolio. Together with our new colleagues and partners, we now look forward to creating additional value from our assets on the Norwegian Continental Shelf.'

The transactions with Equinor include a 19 percent share in the Martin Linge Unit and Equinor’s full participating interest in the Greater Ekofisk Area.(1)

The acquisition of Suncor Energy Norge brings 30 percent additional ownership in the Sval operated Oda field, 17.5 percent ownership in the Fenja field, and 8 additional licenses. 16 employees from Suncor have also joined the Sval team.

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. Sval Energi aims to be a major Norwegian player in the Norwegian energy sector.

Fast facts:
• 170 employees
• Head office in Stavanger, branch office in Oslo
• Daily production of 80,000 boe
• 16 producing fields
• Operator of producing fields Oda and Vale

(1) The agreement includes 7.6% of Ekofisk area licenses PL018, PL018B and PL275 (including the Ekofisk, Eldfisk and Embla fields), 6.6% in the Tor Unit, and an 18.5% shareholding in Norpipe Oil AS.

Original article link

Source: Sval Energi

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