Sval Energi acquires Suncor Energy Norge

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.