DNO to acquire Sval Energi, quadruple North Sea output

DNO has agreed to acquire 100 percent of the shares of Sval Energi from HitecVision for a cash consideration of $450 million. This transaction will boost DNO’s global net production by two-thirds to around 140,000 barrels of oil equivalent per day (boepd) on a 2024 pro forma basis and proven and probable (2P) reserves by 50 percent to 423 million barrels of oil equivalent (boe).

It will also quadruple North Sea production to around 80,000 boepd, turning the North Sea into the biggest contributor to DNO’s net production, with some 60 percent of the total (with the balance coming predominantly from two operated fields in the Kurdistan region of Iraq).

Sval Energi’s team of 93 employees are to be integrated into the DNO organization. The effective date of the transaction is 1 January 2025, with expected completion mid-year 2025, subject to customary regulatory approvals from the Norwegian Ministry of Energy, the Norwegian Ministry of Finance and competition authorities.