Eni scores big with $4.9-bln Neptune purchase

Eni concludes $4.9-bln Neptune purchase

Italy

ROME, February 1, 2024 – Eni has completed its acquisition of Neptune Energy’s oil and gas assets for USD 4.9 billion, the Italian energy giant announced on Wednesday.

Under the deal, Eni has acquired 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 while Neptune Energy’s shareholders will retain its German portfolio.

Before the transaction, Neptune Energy also held assets in the UK, Algeria, the Netherlands and Indonesia and produced around 142,000 boepd day in Q1 2023, most of which was gas.

The acquisition includes Neptune’s participation in the Eni-operated Geng North-1 gas discovery located offshore Indonesia, which was announced in October 2023.

Acquisition by Vår Energi of the company’s Norwegian assets was completed prior to Eni finalizing its new purchase.

Previously, Eni said the acquisition would add around 4 bcm (141 tcf) of gas supply for European consumers.

The agreement to purchase the assets was reached in June 2023.

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