Eni and Vår Energi dive on Neptune acquisition

Italy

ROME, June 23, 2023 – Eni and partner Norwegian E&P player Vår Energi have signed an agreement to acquire UK-headquartered Neptune Energy for USD 4.9 billion, the Italian energy giant announced on Friday.

Under the deal Eni will acquire Neptune Energy’s entire portfolio besides its operations in Germany and Norway.

Vår Energi – which is 63% owned by Eni – will take over the company’s Norwegian operations.

Neptune Energy’s shareholders will retain its German operations.

The Vår Energi transaction is to be completed first, followed by the Eni transaction.

Neptune Energy currently holds assets in the UK, Norway, Algeria, the Netherlands and Indonesia, and produced around 142,000 boepd day in Q1 2023, most of which was gas.

“Eni sees gas as a critical bridge energy source in the global energy transition and is focused on increasing the share of its natural gas production to 60% by 2030,” said Claudio Descalzi, CEO of Eni.

“We see the transaction adding around 4 bcm [141 tcf] of gas supply for European consumers.”

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