The Norwegian oil and gas operator DNO has agreed to buy rival Sval Energi from private equity group HitecVision in a US$1.6bn deal. The transaction involves a cash consideration of US$450m for 100% Sval's shares plus assumption of debt.
Sval Energi holds non-operated interest in 16 producing fields offshore Norway with a net production of 64.1 kb/d in 2024, split roughly equally between liquids and gas, along with 141 Mboe in net 2P reserves and 102 Mboe in net 2C resources. DNO expects to add scale and diversification to its North Sea portfolio through the acquisition of Sval Energi’s complementary assets, quadrupling its North Sea production to about 80 kboe/d, increase its global net production to approximately 140 kboe/d on pro-forma 2024 data, and increase its North Sea 2P reserves to 189 Mboe (+290%) and its 2C resources to 246 Mboe (+70%).
DNO is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. The company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, the Netherlands and Yemen.
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