Sval Energi Acquires Shares in Martin Linge & the Greater Ekofisk Area

Source: www.gulfoilandgas.com 5/10/2022, Location: Europe

Sval Energi AS is pleased to announce that the company has signed an agreement with Equinor to acquire shares in the Martin Linge Unit and the Greater Ekofisk Area.

The USD 1 billion transaction includes a 19% share in the Martin Linge Unit and Equinor’s full participating interest in the Greater Ekofisk Area [1].

With the acquired assets Sval will add 30.000 barrels of oil equivalent per day to its portfolio.

The transaction represents Sval’s seventh acquisition since the establishment of Sval in 2019.

“The transaction fits well with our growth ambition and portfolio. Following the completion of this transaction and the Spirit Energy Norway acquisition, Sval will be on course to reach 100.000 barrels of oil equivalent per day in 2023 and will continue its growth trajectory in the coming years. Together with our partners, we look forward to creating further value from these assets”, says Nikolai Lyngø, CEO of Sval Energi.

The Ekofisk field became the first producing field on the NCS in 1971 and is expected to still be producing in 2050. The transaction includes Equinor’s full participating interest in Ekofisk, Eldfisk, Embla and Tor, in addition to ownership in the Norpipe oil pipeline, which together constitutes the Greater Ekofisk Area.

Martin Linge came on-stream last year, is electrified with power from shore and has a low carbon footprint of 3 kg CO2 per barrel of oil equivalent, well below the average on the NCS.

The acquisition has an effective date of 1st January 2022 and is expected to be completed in the second half of 2022, subject to standard conditions, including customary approvals from regulatory authorities.

[1] The agreement includes 7.6% of Ekofisk area licenses PL018, PL018B and PL275 (including the Ekofisk, Eldfisk and Embla fields), 6.6% in the Tor Unit, and an 18.5% shareholding in Norpipe Oil AS.


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