Sval Energi acquires EdisonSval energi now holds 25% in the Nova field. Source: geo365.no

Sval Energi acquires Edison

The transaction will increase the reserve base of Sval with 25 MMboe.

In this way 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%.

We plan to invest ten billion kroner in the next few years. The goal is a production of 100,000 barrels a day, says Gunnar Halvorsen, senior partner in Hitecvision to dn.no.

Dvalin (previously known as Zidane, geo365.no) is a subsea tie-back to Heidrun and will export the gas through the Polarled pipeline, where Sval holds an interest. Nova (previously known as Skarfjell, geo365.no) is a tie-back to Gjøa.

Both assets are low-emission development projects, says Sval Energi in a press release.

“Edison Norges portefølje, som er under utbygging, vil få en dagsproduksjon på 14.000 fat dagen. Det vil gi Sval Energi en produksjon på rundt 23.000 fat dagen med dagens portefølje,” according to dn.no.

All Edison employees (24) will be transferred to the new company.

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 follows Sval’s earlier acquisition of Cairn’s Norwegian subsidiary Capricorn Norge AS, which was completed earlier this year.

 

 

 

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