Eni SPA closed the acquisition of Neptune Energy Group Ltd. The transaction comprises Neptune’s entire portfolio other than its operations in Norway and Germany.
The acquisition is strategic in terms of increased gas production in North Africa, where Eni consolidates its position as the leading international energy company, and in Northern Europe, where the transaction opens new carbon capture and storage opportunities.
The transaction was first announced in June 2023 (OGJ Online, June 23, 2023). The acquired assets include Neptune’s participation in the Eni-operated Geng North-1 gas discovery, offshore Indonesia (OGJ Online, Oct. 2, 2023).
Vår Energi acquired the business in Norway directly from Neptune before the completion of the Eni transaction. The carve-out of Neptune’s activities in Germany was also completed prior to the closing of the Neptune Energy Group sale.
The transaction has been approved by the countries involved in the deal, and relevant antitrust regulators.