Norwegian oil company Sval Energi has completed the acquisition of Spirit Energy Norway from Centrica.
The USD 1,026 million Spirit Energy Norway acquisition closed May 31, with January 1 2021 as the commercial effective date.
The acquisition includes 45 licenses (6 operated), including 7 producing fields (2 operated), and several development and exploration opportunities.
Sval Energi CEO Nikolai Lyngø said: “We are glad to have completed the acquisition of Spirit Energy Norway. Today, we celebrate uniting our two teams and strengthening our capabilities.
"Thanks to an efficient integration process, we have also finalized the integration of the entire organization, including a new Sval leadership team. We now look forward to continuing our growth journey and manifesting our position on the Norwegian Continental Shelf.”
With the Spirit Energy Norway acquisition and the recent agreement with Equinor to acquire stakes in Martin Linge and the Greater Ekofisk Area, Sval said it would be on course to reach 100,000 barrels of oil equivalent per day in 2023.
As of today, Sval Energi’s portfolio will consist of 9 producing assets, 2 operatorships, as well as 7 development projects and 2 discoveries.
As previously reported, Centrica, Spirit Energy's parent company, said Monday that that all conditions for the sale of its subsidiary Spirit Energy’s Norwegian assets to Sval Energi AS and Spirit Energy’s interests in the Statfjord field to Equinor ASA for an initial headline consideration of $1.1 billion had been satisfied.