Neptune Energy Group acquires Engie E&P

Neptune Energy Group, London, has acquired the 70% of Engie E&P International SA it didn’t already own, gaining interests in 148,000 boe/d of oil and gas production in the North Sea, North Africa, and Southeast Asia.

Neptune Energy Group, London, has acquired the 70% of Engie E&P International SA it didn’t already own, gaining interests in 148,000 boe/d of oil and gas production in the North Sea, North Africa, and Southeast Asia.

The deal’s value to Engie, according to the French company when it received the binding offer last May, is €4.7 billion. That includes €1.1 billion in decommissioning liabilities.

Engie’s oil and gas interests are in the UK, Norway, Germany, the Netherlands, Indonesia, Algeria, and Egypt.

The sale is part of the parent company’s plan to concentrate on regulated and contracting businesses and to lower exposure to commodity pricing.

Engie is retaining its 30% interest in a production-sharing contract covering 10 natural gas fields under development in the Touat region of southwestern Algeria. Neptune is operator.

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