Italy’s Eni buys British oil and gas company Neptune Energy for $5 billion
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The Italian energy company Eni acquired the British Neptune Energy for $4.9 billion. announced today, June 23rd. The deal also involved the Norwegian oil and gas company Var Energi, 63% owned by Eni. The deal could be completed in the first quarter of 2024, but is subject to regulatory approval.
The possibility of such a merger was discussed for several months. Neptune has fields and assets in Europe, North America, Indonesia, Algeria and Australia. Under the terms of the agreement, the bulk of the company will go directly to Eni for $2.6 billion. At the same time, the Norwegian division of Neptune will go under the control of Var Energi, which will pay $2.3 billion, while the German division will be separated and not included in the deal.
Eni notes that the acquisition of Neptune Energy will help it meet its plan to increase gas production by 60% by 2030.
In May, the American energy company Chevron bought oil and gas company PDC Energy for $7.6 billion. According to experts, there may be other mergers and acquisitions in the energy sector after the record revenues of oil and gas companies last year.
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