Sval Energi Wraps Up Equinor, Suncor Deals Worth 1.3Bn

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

Sval Energi said that the Martin Linge and Greater Ekofisk Area deal with Equinor and the acquisition of Suncor Energy’s Norwegian arm were closed on September 30, 2022.

The deal with Equinor has an effective date of January 1, 2022, while the effective date for the Suncor Energy Norge acquisition is March 1, 2022.

According to Sval Energi, these transactions add around 34,000 barrels of oil equivalent per day to its production.

“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,” CEO of Sval Energi Nikolai Lyngø said.

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. The Greater Ekofisk Area deal is more complex than the Martin Linge one and includes 7.6 percent of Ekofisk area licenses PL018, PL018B, and PL275 which hold the Ekofisk, Eldfisk, and Embla fields, respectively. The deal also entails 6.6 percent in the Tor Unit along with an 18.5 percent shareholding in Norpipe Oil.

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. Also, 16 employees from Suncor have joined the Sval team.

It is worth reminding that Sval Energi has been actively increasing its portfolio with its most recent acquisition being the buy of Spirit Energy Norway.

As for the company, Sval Energi is a privately owned Norwegian energy company backed by energy investor HitecVision. It has some 170 employees with its head office located in Stavanger. The company’s daily production is around 80,000 boe from 16 producing fields. It is the operator of only two fields – Oda and Vale.

To contact the author, email bojan.lepic@rigzone.com