Yesterday, Sval Energi announced the completion of its USD 300 million acquisition of Edison Norge. This expands the portfolio and workforce of Sval and is another successful step in the company’s growth strategy.
“We’re excited to mark this milestone in our pursuit to build a modern energy company in Norway; nimble, forward leaning and active across several value chains. The acquisition of Edison Norge strengthens our position on the Norwegian Continental Shelf and will help us scale our activity and build a strong portfolio”, says Nikolai Lyngø, CEO of Sval.
Sval acquires net reserves estimated at 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.