Eni has completed the acquisition of Neptune Energy Group Limited which comprises Neptune’s entire portfolio other than its operations in Norway (purchased at the same time by Vår Energi, listed on the Oslo Stock Exchange and 63% owned by Eni) and Germany (carved out of the transaction).

On 31 January 2024, Neptune Energy announced completion of the sale of Neptune Energy Group Limited (“Neptune”) to Eni International BV and Neptune Energy Norge AS to Vår Energi ASA.  
 

The carve-out of Neptune’s activities in Germany was completed prior to the completion of the Neptune Energy Group Limited sale. It will continue as a stand-alone entity, owned and operated by CIC, Carlyle and CVC Capital Partners. 

The transaction was first announced in June 2023 and aligns with Eni’s strategy of providing the market and the customers with affordable, secure, and low-carbon energy, guaranteed by natural gas. Through this transaction, Eni integrates a high-quality and low carbon-intensity portfolio with exceptional geographic and operational complementarity to its own.

The acquired assets include Neptune’s participation in the Eni-operated Geng North-1 gas discovery, offshore Indonesia, 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 regards CCS as a key lever in its decarbonization strategy and there are further possible synergies with the projects Neptune is pursuing in Norway and the Netherlands.

Var Energi acquired the business in Norway directly from Neptune (“Neptune Norway Business”) 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 Limited sale.

The transaction has been approved by the competent authorities of the countries involved in the deal, and the relevant antitrust regulators.

Neptune Energy Operations

All Neptune operations include; Norway, United Kingdom, North Africa, Netherlands and Asia Pacific

Neptune North Africa Operations

Our North Africa region covers both Egypt and Algeria. We have onshore and offshore oil and gas interests in Egypt and the Touat facility in Algeria is exporting gas.

 Algeria Operations

Neptune Energy is the joint operator of the Touat gas plant, through the Groupement Touat Gaz Joint Venture, consisting of Sonatrach, the National state-owned Algerian oil and gas company (joint operator) and Engie. First gas was achieved in 2020 and the asset will operate for in excess of 20 years. The plant connects to the GR-5 pipeline, a major artery for Algeria’s gas export.

Touat gathers together ten gas fields in the Sahara Desert, near the city of Adrar in Algeria, as a single networked facility. The facility consists of infrastructure, production wells and a central processing facility, and covers more than 1,300 km².

Neptune joined forces with Sonatrach in 2002 to explore and produce gas fields in the Touat area. Exploration and appraisal activities between 2003 and 2007 drilled seven wells and confirmed enough natural gas to plan development.

The development plan was approved in 2009. In 2010, the companies set up a joint venture, Groupement TouatGaz (GTG), which became the operator of the development and production operations. The plan estimates 4.5 billion m3 gas production and 630 kboe condensate annually.

The facility consists of production wells, pipeline infrastructure, and a central processing facility capable of 75 kboepd, with an export pipeline into the Algeria gathering system. The field is connected to a Sonatrach pipeline transporting gas from southwest Algeria 800 km north to Hassi R’Mel.

Development works have included drilling 41 production wells, building living quarters, a road, an aircraft runway, a gathering network and gas treatment facilities. On 7 September 2019, first gas export was achieved and activity is ongoing to achieve plateau of around 450 million standard cubic feet of gas.

Egypt Operations

Neptune Energy has interests in an oil and gas field in the Egyptian desert and an operated exploration licence in the Gulf of Suez. The company continues to investigate growth opportunities in the country. 

The acquisition of 3D seismic was completed at the beginning of Q2 2020 and data processing finished in Q4 2021 and the final RTM cube received January 2022, with two intermediate cubes having been received. The drilling of one exploration well is to be completed within the first phase, with two further wells planned in phase two.