The corporate transaction includes a 17.5% interest in the Fenja Field development in PL 586 in the Norwegian Sea, 30% in the producing Oda Field and eight further licenses offshore Norway.
Sval expects the assets to add about 4,000 boe/d of production and 19 MMboe to its Norwegian portfolio.
CEO Nikolai Lyngø of Sval Energi said, “This transaction represents another step on our growth journey. We already have a capable team in place and look forward to welcoming new colleagues from Suncor’s Norway team; they will strengthen us even further. The Norwegian Continental Shelf is still attractive, and we are building a strong cash-generating business in Norway with producing assets, future developments and exciting exploration opportunities.
All employees of Suncor Energy Norge will transfer to Sval.
Suncor expects to complete the sale during the fourth quarter.
