Sval Energi to acquire Norwegian Continental Shelf assets
Sval Energi AS agreed to acquire non-operated working interests in several Norwegian Continental Shelf assets held by Suncor Energy Norge for about $410 million (Canadian dollar equivalent).
The deal includes 17.5% ownership in Neptune Energy-operated Fenja field (PL 586), 30% ownership in Spirit Energy-operated Oda field (PL 405), and eight additional licenses.
The acquisition will add about 4,000 boe/d and 19 MMboe reserves to the company. Related Suncor Energy Norge employees are expected to be transferred to Sval.
The deal is expected to close before yearend, subject to approval from relevant Norwegian authorities.
Fenja lies 20 km north of Kristiansund in the Norwegian Sea, while Oda field is 13 km east of the producing Ula field in the southern part of the Norwegian North Sea.
Alex Procyk | Upstream Editor
Alex Procyk is Upstream Editor at Oil & Gas Journal. He has also served as a principal technical professional at Halliburton and as a completion engineer at ConocoPhillips. He holds a BS in chemistry (1987) from Kent State University and a PhD in chemistry (1992) from Carnegie Mellon University. He is a member of the Society of Petroleum Engineers (SPE).
