Sval Energi wraps up $300m acquisition of Edison Norge

Sval Energi, a Norwegian oil and gas company, has wrapped up its $300 million acquisition of Edison Norge, which controls Italian energy company Edison’s hydrocarbon exploration and production activities in Norway.

The deal was announced in December 2020.

Edison Norge has participation across nine production licences on the Norwegian continental shelf. These include the Nova (15%) and Dvalin (10%) field developments.

Sval Energi, which is backed by HitecVision, will increase its stake in the Nova field development from 10% to 25%, while gaining an entry into the Dvalin field development. Wintershall Dea is the operator of Dvalin field in the North Sea.

Sval Energi acquires Edison Norge to gain entry in the Wintershall Dea-operated Dvalin field. Photo courtesy of Wintershall Dea/John Iver Berg.

The Norwegian oil and gas company adds an estimated 25 mmboe net reserves through the deal. Sval Energi will now have participation in 28 production licenses on the Norwegian continental shelf.

Nikolai Lyngø – CEO of Sval Energi said: “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.”