Sval Energi AS strengthens its position on the Norwegian Continental Shelf with the completion of the Spirit Energy Norway acquisition.

The USD 1,026 million Spirit Energy Norway acquisition closed May 31st, with January 1st 2021 as the commercial effective date. 
The acquisition includes 45 licences (6 operated), including 7 producing fields (2 operated) and several development and exploration opportunities. 

Sval Energi now holds a 19% interest in the Kvitebjørn gas and condensate field in the North Sea (Image source: Equinor)

CEO Nikolai Lyngø said:
“We are glad to have completed the acquisition of Spirit Energy Norway. Today, we celebrate uniting our two teams and strengthening our capabilities. Thanks to an efficient integration process, we have also finalised the integration of the entire organisation, including a new Sval leadership team. We now look forward to continuing our growth journey and manifesting our position on the Norwegian Continental Shelf.”

With the Spirit Energy Norway acquisition and the recent agreement with Equinor to acquire stakes in Martin Linge and the Greater Ekofisk Area, Sval will be on course to reach 100,000 barrels of oil equivalent per day in 2023. As of today, Sval Energi’s portfolio will consist of 9 producing assets, 2 operatorships, as well as 7 development projects and 2 discoveries.

KeyFacts Energy: Sval Energi Norway country profile