Eni completes acquisition of Neptune Energy

Eni, the Italian multinational energy company, announced on January 31 the successful closure of its acquisition of Neptune Energy. The transaction, initially disclosed in June 2023, aligns with Eni's energy transition strategy, which prioritises gas and LNG production. 

The deal encompasses Neptune Energy's entire portfolio, excluding its operations in Norway, which were concurrently acquired by Var Energi, a company listed on the Oslo Stock Exchange and 63% owned by Eni. Operations in Germany were also excluded from the transaction.

Included in the acquired assets is Neptune’s participation in the Geng North-1 gas discovery, situated offshore Indonesia, and announced in October 2023.

“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 up new CCS opportunities,” Eni said.

Eni considers CCS a crucial element in its decarbonisation strategy, and it anticipates potential synergies with Neptune's ongoing projects in Norway and the Netherlands. 

The carve-out of Neptune's activities in Germany was successfully completed before the official closing of the Neptune Energy acquisition. Var Energi, in a separate transaction, directly acquired Neptune's business in Norway before Eni concluded its transaction.

The approval of competent authorities in the countries involved and relevant antitrust regulators underscores the compliance and regulatory clearance achieved for the successful closure of this significant acquisition.