Sval Energi has closed its acquisition of interests in the Martin Linge and Greater Ekofisk Area from Equinor and the acquisition of Suncor Energy Norge.
The Norwegian private-equity backed player struck a $1 billion deal in May for Equinor’s (OSLO:EQNR) 19% share in the Martin Linge unit and interests in the Greater Ekofisk Area covering licenses PL018, PL018B and PL275 (including the Ekofisk, Eldfisk and Embla fields, and 6.63922% in the Tor Unit).
It also included the sale of an 18.5% stake in in Norpipe Oil – part of the infrastructure transporting oil from the Greater Ekofisk Area to land – with an effective date of 1 January 2022.
Separately, the group agreed a $318m deal in August for Suncor’s (NYSE:SU) Norwegian exploration and production (E&P) assets in Norway, with an effective date of 1 March 2022.
It brings 30% additional ownership in the Sval-operated Oda field, 17.5% in the Fenja field, and eight further licenses.
16 employees from Suncor have also joined the Sval team, the company confirmed today.
Both transactions closed on September 30, and cumulatively add around 34,000 barrels of oil equivalent per day to Sval’s production.
At the time of the latter deal, the company said it was “on course” to reach its goal of 100,000 boepd production in 2023, having also taken on the Norwegian E&P assets of Spirit Energy following a deal struck in late 2021.
Sval CEO Nikolai Lyngø added: “We are satisfied to have completed these transactions. We are adding significant value to our team and portfolio. Together with our new colleagues and partners, we now look forward to creating additional value from our assets on the Norwegian Continental Shelf.”