Sval Energy reported Friday morning that it has signed a deal to buy Suncor Energy Norge. In doing so, they took over the Canadian company’s assets on the Norwegian continental shelf, which included a 17.5 percent stake in the Fenja field, a 30 percent stake in the Oda field, and eight other licenses.

The purchase will add Sval Energi’s daily production of around 4,000 barrels of oil and gas and reserves of 19 million barrels of oil and gas. Suncor Energy employees transferred to Sval Energi.

– The Norwegian continental shelf is still attractive, and we are building a strong company that will create value for our communities and owners. We have production areas, new developments underway and exciting exploration opportunities. The goal is to become an important player on the Norwegian continental shelf. Now it will happen, says managing director Nikolai Lyngø of Sval Energi.

More acquisitions

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

Sval Energi is a Norwegian energy company, owned by investment company HitecVision, with headquarters in Stavanger. Before being acquired by Suncor, they had 155 employees.

They have a target of achieving production of 100,000 barrels of oil and gas per day by 2023, and they think they are likely to achieve that target.

They are operators of two production fields, Oda and Vale, and partners in eight fields and five subsequent developments.