Eni, Vår Energi complete Neptune E&P takeovers

Feb. 1, 2024
Eni has completed its acquisition of the majority of Neptune Energy Group’s global E&P operations.

Offshore staff

SAN DONATOEni completed its acquisition of the majority of Neptune Energy Group’s global E&P operations on Jan. 31.

Vår Energi, in which Eni has a 63% interest, has taken on full ownership of Neptune’s offshore Norway portfolio, with Neptune’s Germany operations excluded from both deals.

Eni said it had acquired a high-quality and low carbon-intensity portfolio with exceptional geographic and operational complementarity to its own. The assets include Neptune’s share of the Eni-operated Geng North-1 gas discovery offshore Indonesia.

In addition, the company gains increased gas production in North Africa, and new carbon capture and storage opportunities in northern Europe. There could be further synergies between the CCS projects Neptune has been working on in Norway and the Netherlands.

Vår Energi acquired the Norwegian E&P business directly from Neptune, with the transaction approved by the competent authorities of the countries involved and the anti-trust regulators.

It now claims to be Norway’s second largest independent E&P company and the second largest supplier of gas from Norway to Europe. Vår Energi is targeting production of about 400,000 boe/d by the end of 2025.

The enlarged company has four offshore hub areas and interests in 203 Norwegian offshore licenses, including 47 producing fields, seven of which it operates.  Its proved plus probable (2P) reserves now stand at about 1.3 Bboe.

Neptune Norway, which will operate as a fully owned subsidiary of Vår Energi, has been renamed Vår Energi Norge. Effective May 1, all its employees will be fully integrated into the Vår Energi organization

The newly acquired company brings stakes in 12 producing fields, three operated with Equinor operating seven more. Its production last year averaged 66,000 boe/d, with gas accounting for 58% of total volumes.

Neptune also has ownership in the Snøhvit gas field and the associated Melkøya LNG plant, strengthening Vår Energi’s position in the Barents Sea area; and operatorship or participation in early phase projects including Dugong, Fram Sør, Ofelia and Calypso.

02.01.2024

Related

Courtesy Petter Andre Bøe / Equinor
Equinor should start operations at the Gudrun Field electrification project later this year.
Equinor should start operations at the Gudrun Field electrification project later this year.
Equinor should start operations at the Gudrun Field electrification project later this year.
Equinor should start operations at the Gudrun Field electrification project later this year.
Equinor should start operations at the Gudrun Field electrification project later this year.
Courtesy Talos Energy's September 2023 Investor Update
talos_energy_upstream
talos_energy_upstream
talos_energy_upstream
talos_energy_upstream
talos_energy_upstream
Courtesy Torger Rød LinkedIn
Nick Walker will be joining Vår as CEO and current CEO Torger Rød (pictured) will transfer to the new role of COO.
Nick Walker will be joining Vår as CEO and current CEO Torger Rød (pictured) will transfer to the new role of COO.
Nick Walker will be joining Vår as CEO and current CEO Torger Rød (pictured) will transfer to the new role of COO.
Nick Walker will be joining Vår as CEO and current CEO Torger Rød (pictured) will transfer to the new role of COO.
Nick Walker will be joining Vår as CEO and current CEO Torger Rød (pictured) will transfer to the new role of COO.

Request More Information

By clicking above, I acknowledge and agree to Endeavor Business Media’s Terms of Service and to Endeavor Business Media's use of my contact information to communicate with me about offerings by Endeavor, its brands, affiliates and/or third-party partners, consistent with Endeavor's Privacy Policy. In addition, I understand that my personal information will be shared with any sponsor(s) of the resource, so they can contact me directly about their products or services. Please refer to the privacy policies of such sponsor(s) for more details on how your information will be used by them. You may unsubscribe at any time.

Courtesy Altera Infrastructure Holdings
Photo 53641391 © M R Fakhrurrozi | Dreamstime.com
Courtesy Svenska Petroleum Exploration