08/05/2022 | Press release | Distributed by Public on 08/05/2022 01:54
Sval will become partner in the Fenja field through the Suncor Norway acquisition (illustration: Neptune Energy)
Stavanger, 5 August 2022
Sval Energi is pleased to announce that the company has signed an agreement with Suncor Energy to acquire Suncor Energy Norge AS.
The corporate transaction includes the following assets on the Norwegian Continental Shelf:
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.
About Sval Energi
Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Recent transactions include acquiring Spirit Energy Norway and ownership in the Martin Linge and Ekofisk fields (the last two being subject to required approvals).
Quick facts about Sval Energi (excluding Suncor Energy Norway AS):
Contact:
Tom Gederø, VP Communications
Mobile: (+47) 922 47 082
Email: [email protected]