E&P newcomer acquires offshore assets in Norway

Sval Energi has signed a USD 318-million deal with Canadian IOC Suncor Energy to acquire its Norwegian operations and assets, the privately owned Norwegian energy company announced today.

The transaction includes 17.5% ownership in the Fenja field on the PL 586 block, 30% ownership in the Oda field on the PL 405 block and eight additional licences. A total of 4,000 boepd in production and 19 million boe in reserves will be added to Sval Energi’s portfolio.

Following the Norwegian Working Environment Act, all employees of Suncor Energy’s subsidiary Suncor Energy Norge will be transferred to the buying company.

The deal was signed in March 2022 and is expected to close by the end of 2022 upon approval by Norwegian authorities.

The company is currently building its portfolio on the Norwegian Continental Shelf through recent acquisitions, including Spirit Energy Norway and prospective stakes in the Martin Linge and Ekofisk fields following necessary approvals.

Sval Energi aims to grow its production to 100,000 boepd in 2023.