Sval Energi acquires Suncor Energy Norge AS

Source: press release, 5 August 2022      

Fenja, located in the Norwegian Sea
Fenja, located in the Norwegian Sea (illustration: Neptune Energy)

Sval Energi has announced that the company has signed an agreement to acquire Suncor Energy Norge AS.

The corporate transaction includes the following assets on the Norwegian Continental Shelf:

  • 5% ownership in the Fenja field (PL 586).
  • 30% ownership in the Oda field (PL 405).
  • 8 additional licenses.

The transaction will add a daily production of approximately 4,000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves to the Sval Energi portfolio.

CEO Nikolai Lyngø of Sval Energi says, “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,” Lyngø adds.

The acquisition of Suncor Energy Norge AS constitutes a transfer of undertaking according to the Norwegian Working Environment Act, which means that the employees of Suncor Energy Norge AS will be transferred to Sval.

The commercial effective date is 1 March 2022, and the deal is expected to be closed before the end of the year. The transaction is subject to approval from the relevant Norwegian authorities.