Sval Energi completes Martin Linge and Greater Ekofisk deals

Source: press release, 3 October 2022

The greater Ekofisk area (photo: ConocoPhillips)
The greater Ekofisk area (photo: ConocoPhillips)

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

  • The acquisitions from Equinor of holdings in the Martin Linge Unit and the Greater Ekofisk Area closed 30 September, with an effective date of 1 January 2022.
  • The acquisition of Suncor Energy Norge AS closed 30 September, with an effective date of 1 March 2022.
  • The transactions add around 34,000 barrels of oil equivalent per day to Sval’s production.

CEO Nikolai Lyngø of Sval Energi says, “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.”

The transactions with Equinor include a 19% share in the Martin Linge Unit and Equinor’s full participating interest in the Greater Ekofisk Area.*

The acquisition of Suncor Energy Norge AS brings 30% additional ownership in the Sval operated Oda field, 17.5% ownership in the Fenja field, and 8 additional licenses. 16 employees from Suncor have also joined the Sval team.

*The agreement includes 7.6% of Ekofisk area licenses PL 018, PL 018B and PL 275 (including the Ekofisk, Eldfisk and Embla fields), 6.6% in the Tor Unit, and an 18.5% shareholding in Norpipe Oil AS.