Sval Energi has signed an agreement with Suncor Energy to acquire Suncor Energy Norway, adding 4000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves on the Norwegian Continental Shelf to Sval’s portfolio.
The deal is worth about $410 million Canadian dollars, gross, according to Suncor, and is expected to complete in Q4 2022, with a commercial effective date of March 1, 2022.
The deal includes 17.5 percent ownership in the Fenja field, 30 percent ownership in the Oda field and eight additional licences. Suncor Energy Norge staff will transfer to Sval Energi.
Sval Energi said: “The transaction will add a daily production of approximately 4000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves to the Sval Energi portfolio.”
Nikolai Lyngø, CEO 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.”
For more information visit sval-energi.no