Sval Energi acquires Suncor Energy Norway

Sval Energi reports Friday morning that they have signed an agreement to buy Suncor Energy Norge. They thus take over the assets of the Canadian company on the Norwegian continental shelf, which include a 17.5% share in the Fenja field, a 30% share in the Oda field and eight other licenses.

The purchase will add to Sval Energi a daily production of approximately 4,000 barrels of oil and gas and a reserve of 19 million barrels of oil and gas. Suncor Energy employees are transferred to Sval Energi.

– The Norwegian continental shelf is still attractive and we are building a strong business that will create value for society and our owners. We have fields in production, new developments underway and exciting exploration opportunities. The aim is to become a significant player on the Norwegian continental shelf. It is now about to happen, says managing director Nikolai Lyngø of Sval Energi.

More purchases

This is the latest in a series of acquisitions by Sval on the Norwegian continental shelf. Recently the company bought Spirit Energy Norway and they bought the Ekofisk and Martin Linge fields for a billion dollars.

Sval Energi is a Norwegian energy company, owned by investment company HitecVision, headquartered in Stavanger. Prior to the acquisition by Suncor, they had 155 employees.

They aim to achieve production of 100,000 barrels of oil and gas per day in 2023, and they say are likely to meet the target.

They are the operator of two production fields, Oda and Vale, and a partner in eight other fields and five developments.

Ralph Hutchinson

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