Sval Energy Buying Norwegian Subsidiary Of Suncor Energy

Oil & Gas

Oil and gas company Sval Energi has signed an agreement with Suncor Energy to acquire its Norwegian arm Suncor Energy Norge AS.

Sval Energi said that the corporate transaction included the following assets on the Norwegian Continental Shelf – 17.5 percent ownership in the Fenja field, 30 percent ownership in the Oda field, and 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.

Suncor claimed that the deal was worth about $318 million gross and is expected to complete in the fourth quarter of this year.

“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,” CEO of Sval Energi Nikolai Lyngø said.

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 March 1, 2022, and the deal is subject to approval from the relevant Norwegian authorities.

As for Sval Energi, it is a privately owned Norwegian energy company, backed by the leading energy investor HitecVision. Recent transactions include acquiring Spirit Energy Norway and ownership in the Martin Linge and Ekofisk fields.

The company has 155 employees, the main office in Stavanger, and a branch office in Oslo. It is also the operator of two producing fields – Oda and Vale – and a partner in eight producing fields and five developments. It is involved in 67 licenses on the NCS and operates 9. According to data provided by Sval, it is on course to reach 100,000 barrels of oil equivalent per day in 2023.

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