Sval Energi Acquires Suncor Energy Norge AS and Purchases Equinor Interests on Norwegian Continental Shelf

Sval Energi Acquires Spirit Energy Norway

May 31, 2022

Oil & Gas

Sval Energi AS has completed the acquisition of Spirit Energy Norway for USD 1,026 million, with the transaction closing on May 31 and a commercial effective date of January 1, 2021. The deal transfers 45 licences (6 operated), including seven producing fields (two operated), and expands Sval Energi's producing asset base and development/exploration opportunities on the Norwegian Continental Shelf.

Sval Energi Acquires Edison Norge

December 30, 2020

Energy

Sval Energi AS has agreed to acquire Edison Norge AS from Edison for an agreed price of USD 300 million (financially effective 1 January 2020). The acquisition adds ~25 mmboe (57% gas) to Sval’s reserve base and increases its interests in the Dvalin and Nova developments, strengthening its upstream position on the Norwegian Continental Shelf.

Vår Energi Acquires Neptune Energy Norge AS

January 31, 2024

Oil & Gas

Vår Energi ASA completed the acquisition of 100% of the shares in Neptune Energy Norge AS, strengthening its position on the Norwegian Continental Shelf and adding ~67 kboepd of production and ~265 mmboe of 2P reserves. The transaction was agreed at an enterprise value of USD 2.275 billion and closed on 31 January 2024 (effective date 1 January 2023); net cash consideration paid on completion (less cash in Neptune Norway) was approximately USD 1.2 billion. The deal increases Vår Energi's scale, operatorships and gas/LNG exposure and is inter-conditional with a separate transaction in which Eni acquires the remainder of Neptune's global assets.

Vår Energi Acquires ExxonMobil's Upstream Assets in Norway

December 10, 2019

Energy

Vår Energi has completed the acquisition of ExxonMobil's Norway upstream assets for a cash consideration of roughly USD 4.5 billion, a deal that effectively doubled the company's production on the Norwegian Continental Shelf. The portfolio adds interests in more than 20 producing fields (about 150,000 boepd additional), increases reserves to ~1,900 million boe and transfers some ~33–50 ExxonMobil employees to Vår Energi, reinforcing the company's position as the second-largest operator on the NCS.

DNO ASA Acquires Sval Energi Group AS from HitecVision

January 1, 2025

Oil & Gas

DNO ASA has agreed to acquire 100% of Sval Energi Group AS from HitecVision for USD 450 million in cash (enterprise value USD 1.6 billion). The acquisition significantly increases DNO's North Sea production and reserves, adding a cash-generative portfolio with limited near-term investment needs and a team of 93 employees to be integrated.

Solveig Gas Norway AS Acquires Capricorn Norge AS from Capricorn Energy/Cairn

November 27, 2019

Oil & Gas

Solveig Gas Norway AS (Solveig) agreed to acquire the entire share capital of Capricorn Norge AS from Capricorn Energy Limited (part of Cairn Energy PLC) for USD 100 million, with an effective date of 1 January 2020. The deal gives Solveig a 10% stake in the Nova field (approx. 6,000 boe/d expected when production starts in 2021), operator capability for Norwegian exploration licenses, and expands its integrated E&P and gas infrastructure strategy.