Sval Energi to acquire Martin Linge, Greater Ekofisk Area interests

May 11, 2022
Sval Energi AS has agreed to acquire Equinor ASA’s non-operated share in the Greater Ekofisk Area, and a minority share in Martin Linge.

Sval Energi AS, Stavanger, has agreed to acquire Equinor ASA’s non-operated share in the Greater Ekofisk Area, and a minority share in Martin Linge (19%) in the North Sea.

The agreement includes 7.604% of Ekofisk area licenses PL018, PL018B, and PL275 (including Ekofisk, Eldfisk, and Embla fields, and 6.63922% in the Tor Unit).

With the deal—expected to close in this year’s second half subject to customary government and license approvals—Equinor will no longer have any ownership in the Greater Ekofisk Area but will retain a 51% share in Martin Linge and continue as operator. Petoro holds the remaining 30% interest.

The deal also includes Equinor’s interest in Norpipe Oil AS (18.5%), part of the infrastructure transporting oil from the Greater Ekofisk Area to land.

The agreement includes cash consideration of $1 billion and a contingent payment structure linked to realized oil and gas prices for both assets for 2022 and 2023.

With the acquired assets, privately held Sval (backed by HitecVision), will add 30,000 boe/d to its portfolio.

Ekofisk was the first producing field on the Norwegian Continental Shelf in 1971 and is expected to still be producing in 2050.

Martin Linge came onstream in 2021, is electrified with power from shore, and has a low carbon footprint of 3 kg CO2/boe (OGJ Online, July 1, 2021).