Sval Energi has today announced that the company has signed an agreement with Suncor Energy (NYSE: SU) to acquire its Norwegian subsidiary Suncor Energy Norge AS.
The corporate transaction includes the following assets on the Norwegian Continental Shelf:
- 17.5% 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 4000 barrels of oil equivalent and 19 million barrels of oil equivalent in reserves to the Sval Energi portfolio.
CEO Nikolai Lyngø 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.”
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.