Welligence Norway M&A | Sval shopping spree continues with Suncor Norway acquisition

August 8, 2022

On 4 August 2022, Suncor announced the US$318 million (C$410 million) sale of its Norway portfolio to Sval Energi. The portfolio comprises its 30% interest in Oda, 17.5% in Fenja and several exploration licences. It will add 2P reserves of 15.9 MMboe (WEA estimate), and production this year has averaged 2,600 boe/d through May. The deal is expected to close in Q4 2022 with an effective date of 1 March 2022. The sellside was run by Scotiabank.