Fossil energy – interest
Spirit Energy has decided to sell its Norwegian business including the entire Statfjord field for just under $1.1B.
Spirit Energy said that it would be selling all its interests held by its Norwegian arm – Spirit Energy Norway – to Sval Energi.
This sale excludes interests both in the Norwegian and UK parts of the Statfjord field which the company will be selling to Norwegian major Equinor.
The agreement with Sval is worth around $1.026 billion and it is the largest acquisition of assets on the Norwegian Continental Shelf since 2019. It is worth noting that this is Sval’s 6th acquisition since acquiring Solveig Gas in 2019.
The transaction includes 45 licenses – six of them operated, including 7 producing fields – two of them operated, and several development and exploration opportunities. The main three assets in the sold portfolio are Nova, Kvitebjørn, and Ivar Aasen.
The acquisition has an effective date of January 1, 2021, and is expected to be completed in the second quarter of 2022, subject to standard conditions. All 130 of Spirit Energy Norway’s workers will be transferred to Sval Energi.
As for Equinor’s acquisition of Statfjord, both parties agreed on a total consideration of $50 million, plus a contingent payment linked to commodity prices for the period between October 2021 to December 2022.
The Statfjord area spreads across the Norwegian and UK Continental Shelves and is developed by three integrated production platforms – Statfjord A, B, and C. The Norwegian part of the Statfjord field lies in blocks 33/9 and 33/12 in production license 037, while the British part is in UK block 211/25 in licenses 104 and 293. All licenses are operated by Equinor.