The Italian oil and gas company Eni has completed the acquisition of Neptune Energy’s entire portfolio, apart from its Norwegian portfolio (acquired by Eni’s 63%-owned subsidiary Vår Energi for around US$2.3bn) and from its Germany business, for around US$2.6bn. The German business will continue as an independent entity owned and operated by CIC, Carlyle, and CVC Capital Partners.
The acquisition is an strategic move by Eni to increase its low carbon-intensity portfolio complementary to its own, with assets in Indonesia (including Neptune’s participation in the Eni-operated Geng North-1 gas discovery), Western Europe, Australia and North Africa. The deal is expected to consolidate Eni’s position as the leading international energy company, and in Northern Europe, where it expects to open new CCS opportunities thanks to this acquisition.
Neptune Energy reported reserves of 484 Mboe at end-2022. In 2022, the company produced 58 kboe/d in Norway of which 57% was gas or LNG, over 20 kboe/d in Indonesia, 18 kboe/d in the Netherlands and 15 kboe/d in the United Kingdom.