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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”