The Australian independent petroleum company Neptune Energy has completed the acquisition of a 70% stake in Engie's subsidiary Exploration & Production International (EPI). The transaction was announced in May 2017 for an aggregate value of €4.7bn and was cleared by the European Commission (EC) in November 2017.
EPI is the exploration and production branch of Engie, which already sold a 30% stake to China Investment Corporation (CIC) in December 2011. EPI has upstream oil and gas interests in the United Kingdom, Norway, Germany, the Netherlands, Indonesia, Algeria and Egypt. A the end of 2016, EPI booked 2P reserves of 672 mboe (79% gas and 21% liquid hydrocarbons) and its equity production was 54 kboe/d in 2017. With this acquisition, Neptune becomes an international independent E&P company across the North Sea, North Africa and South East Asia, producing 154,000 net boe/d in 2017.