DNO ASA, a leading Norwegian oil and gas operator, has completed the acquisition of Sval Energi Group AS from HitecVision for USD 450 million. This acquisition significantly expands DNO's presence in the North Sea, increasing its production to 80,000 barrels of oil equivalent per day and quadrupling its proven and probable reserves to 189 million barrels of oil equivalent. The transaction also enhances DNO's contingent resources to 316 million barrels of oil equivalent. As a result, Norway and the United Kingdom now account for nearly 60 percent of DNO's global production and about 45 percent of its global reserves. Halvor Engebretsen, Sval Energi's Chief Executive Officer, will lead the enlarged North Sea business as Managing Director of DNO Norge AS.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.