Spirit Completes Sale of Norwegian Assets and Statfjord Stake for $1 Billion and More | Rigzone

The British company Spirit Energy has finalized the sale of its Norwegian activities to Sval Energi as well as the entire Statfjord field for a total amount of just under 1.1 billion dollars.

According to a statement provided by British energy company Centrica, the closing of the transaction took place on May 31, 2022.

As part of the transaction, originally announced on December 8, 2021, all decommissioning liabilities associated with the assets – approximately $1 billion – will also be transferred to buyers. The final aggregate consideration could reach $1.2 billion depending on commodity prices.

“Spirit Energy will now focus on maximizing the delivery of its gas production for the UK, repurposing assets for energy transition and decommissioning activities,” Centrica said in the statement.

The acquisition of Sval Energi would add approximately 40,000 boe/d of production upon closing, as well as additional resources that would bring Sval’s total production to 60,000 boe/d by 2023.

In total, Sval will acquire 45 licenses – 6 operated, including 7 fields in production – 2 operated, and several developments and exploration opportunities. The three main assets in the sold portfolio are Nova, Kvitebjørn and Ivar Aasen. It should be noted that this is Sval’s 6th acquisition since the acquisition of Solveig Gas in 2019.

The acquisition has an effective date of January 1, 2021 and the 130 employees of Spirit Energy Norway will be transferred to Sval Energi.

As for the acquisition of Statfjord by Equinor, the two parties have agreed to a total consideration of $50 million, plus a contingent payment linked to the prices of raw materials for the period from October 2021 to December 2022.

The Statfjord area spans 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 UK part is in UK block 211/25 in licenses 104 and 293. All licenses are operated by Equinor.

According to Equinor, reducing CO2 emissions will be a key priority for the estate. Around 2030, Equinor plans to reduce Statfjord’s emissions by 50%, contributing to Equinor’s climate goals for the NCS. The closing of the transaction is subject to certain conditions and is expected to be completed by the first half of 2022.

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