Norwegian energy company Sval Energi has agreed to acquire the Norwegian business of Canada’s Suncor Energy in a deal worth C$410m ($316.8m).

Under the deal, Sval Energi will acquire Suncor Energy Norge, which owns a 17.5% stake in the Fenja field (PL 586) and a 30% interest in the Oda field (PL 405), located in the Norwegian Continental Shelf (NCS).

Suncor Energy Norge also owns eight additional licences in the NCS.

Sval Energi expects the acquisition to add a daily production of approximately 4,000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves.

Sval Energi CEO Nikolai Lyngø 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.”

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By GlobalData

Upon the completion of the transaction, Suncor Energy Norge’s employees would be transferred to Sval Energi, which is backed by the energy investor HitecVision.

Subject to approval from the relevant Norwegian authorities, the transaction is planned to close before the end of 2022.

The transaction forms part of Sval Energi’s plan to expand its portfolio as part of its growth strategy.

Sval Energi recently acquired Spirit Energy Norway. It also agreed to purchase stakes in the Martin Linge and Ekofisk fields from Equinor.