Sval Energi has closed the previously announced deals, worth $1.3bn in total, with Norway’s Equinor and Canada’s Suncor Energy, to strength its position on the Norwegian Continental Shelf (NCS).

Backed by energy investor HitecVision, Sval Energi acquired Equinor’s 7.6% stake in three production licences in the Greater Ekofisk area, 19% in the Martin Linge field, and 6.6% in the Tor field.

The deal consideration includes $1bn in cash and additional contingent payments linked to oil and gas prices for 2022 and 2023.

Sval Energi also purchased Suncor Energy’s Norwegian business Suncor Energy Norge.

Suncor Energy Norge owns a 17.5% stake in the Fenja field (PL 586) and a 30% interest in the Oda field (PL 405), located in the NCS. It also owns eight additional licences in the NCS.

Sval Energi previously said it expects the acquisition of Suncor Energy Norge to add a daily production capacity of approximately 4,000 barrels of oil equivalent, and 19 million barrels of oil equivalent in reserves.

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By GlobalData

Sval Energi now said the transactions add approximately 34,000 barrels of oil equivalent per day to its production.

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

Sval Energi CEO Nikolai Lyngø 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.”