(Illustration: Wintershall Dea)

Sval Energi AS has signed an agreement to acquire Edison Norge AS. The transaction will increase the reserve base of Sval, adding net 25 mmboe (with 57% gas) in line with the company’s growth ambition.

Sval’s portfolio will be enhanced by the development asset Dvalin (10%) and by increasing its holding in the Nova development from 10% to 25%. Dvalin is a subsea tie-back to Heidrun and will export the gas through the Polarled pipeline, where Sval holds an interest, and Nova is a tie-back to Gjøa. Both assets are low-emission development projects.

The agreed acquisition price is USD 300 million with 1st January 2020 as financial effective date. A material share of the acquisition price relates to tax balances and tax losses. 

The deal is the first corporate transaction on the Norwegian Continental Shelf in 2020. It follows Sval’s earlier acquisition of Cairn’s Norwegian subsidiary Capricorn Norge AS, which was completed earlier this year.

KeyFacts Energy: Sval Energi Norway country profile