Sval Energi announced the completion of its USD 300 million acquisition of Edison Norge recently. This expands the portfolio and workforce of Sval and is another successful step in the company’s growth strategy. (Logo quoted from Sval's official website)

The acquisition enhances Sval’s position in low-carbon oil and gas assets. Sval acquires net reserves estimated to 25 mmboe, including an increased stake in the Nova field development (from 10 to 25%) and a 10% ownership of the Dvalin field development. In total, Sval now participates in 28 production licenses on the NCS, including the 2020 license awards. Several of Edison Norge’s employees will also join Sval as part of the transaction.

Facts: Edison Norge acquisition

1)The USD 300 million Edison Norge acquisition closes on 25th March 2021, with 1st January 2020 as a financial effective date.

2)Sval Energi acquires 10 production licenses on the Norwegian continental shelf.

3)The assets include 10% ownership of the Dvalin field development and increase Nova field development holding by 15% to a total of 25%.

4)A material share of the acquisition price relates to tax balances and tax losses. 

(IRuniverse)