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    Sval Energi closing in on deal for UK Spirit Energy's Norwegian ops - report


    November 19, 2021 - SeeNews Deals

     

      November 19 (SeeNews) - Norwegian energy company Sval Energi is moving closer to agreeing a deal worth USD 400 million (EUR 352.6m) to acquire the domestic oil and gas business of Spirit Energy, a majority-owned subsidiary of British energy services group Centrica Plc (LON:CNA), Reuters reported on Thursday citing unnamed industry and banking sources.

      Sval does not comment on media rumours, CEO Nikolai Lyngoe said in an email to the news agency.

      Spirit's two other shareholders are German Bayerngas and local municipal utilities company Stadtwerke Munchen. Together, the owners this year reportedly undertook to seek buyers for Spirit's Norwegian assets alone after unsuccessfully attempting to offload the entire exploration and production company for several years.

      Spirit has been present in Norway since 2006 and owns stakes in about 70 oil and gas exploration licenses on the Norwegian continental shelf. These include 40% in the producing Oda oilfield, which it operates, as well as stakes in non-operated oil and gas fields like Ivar Aasen and Statfjord.

      Sval, which is owned by private equity firm Hitec Vision, has operations spanning gas infrastructure for the oil and gas industry as well as oil and gas fields licences, and has invested in wind power.

      (USD 1 = EUR 0.881)

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