Sval finalizes $1 billion Spirit Energy Norway transaction
June 1, 2022
Sval Energi has completed its acquisition of Spirit Energy Norway from parent company Centrica for $1.026 billion.
Courtesy Kvitebjørn – Equinor
Sval Energi now holds a 19% interest in the Kvitebjørn gas and condensate field in the North Sea.
Offshore staff
STAVANGER, Norway — Sval Energi has completed its acquisition of Spirit Energy Norway from parent company Centrica for $1.026 billion.
The transaction includes shares of 45 licenses (six operated), seven producing fields (two operated) and various development and exploration opportunities.
Sval CEO Nikolai Lyngø said, “Thanks to an efficient integration process, we have also finalized the integration of the entire organization, including a new Sval leadership team.”
Following another recent agreement with Equinor to acquire stakes in Martin Linge and the Greater Ekofisk Area in the North Sea, Sval now expects to produce 100,000 boe/d in 2023.
Centrica said Spirit Energy in the U.K. would focus on continued offshore gas production in the North Sea and East Irish Sea as well as repurposing of U.K.-owned facilities for the energy transition and decommissioning activities.
