Italian energy giant Eni has officially completed the acquisition of Neptune Energy for nearly £4 billion. This comprehensive acquisition encompasses Neptune’s entire portfolio, except Norway, which now falls under the purview of Var Energi, a subsidiary of Eni, and Germany. The acquisition includes key assets such as Neptune’s participation in the Eni-operated Geng North-1 gas discovery, announced in October 2023, highlighting the synergy between the two entities.
The closure of this significant deal signifies a major milestone for Eni as it integrates a high-quality and low carbon-intensity portfolio with exceptional geographic and operational complementarity to its existing assets. With approximately 2,000 employees based in Aberdeen and London, Eni anticipates a minimal impact on the workforce as a result of this acquisition.
Eni’s strategic vision extends beyond immediate gains, focusing on increased gas production in critical regions. The company consolidates its position as the leading international energy company in North Africa, emphasising the importance of the acquired assets for its broader operational strategy. Furthermore, the transaction opens up new opportunities for Carbon Capture and Storage (CCS) in Northern Europe, aligning with Eni’s commitment to CCS as a key lever in its decarbonization strategy.
As part of the acquisition, Eni will take ownership of the Cygnus gas field, strengthening its position in the energy market. Additionally, Eni will now be responsible for Neptune’s Carbon Capture and Storage (CCS) sites secured during last year’s licensing round. These include SNS (Southern North Sea) Area 1 BC05, SNS Area 7 Caister Bunter, and SNS Area 5 Bunter BC13, where Neptune partnered with Exxon Mobil.