Neptune assimilating VNG Norge
Neptune Energy Group has completed its acquisition of VNG Norge.
The transaction brings to Neptune three producing fields, two development projects, 42 licenses, and strengthens its position as one of the top five independent producers on the Norwegian continental shelf, in terms of equity production.
Among the benefits Neptune’s interest in the Njord field increases to 22.5% and it now has a 30% operated stake inFenja, a subsea tieback to the Njord production hub, which is due to come onstream in 2021.
Jim House, CEO of Neptune Energy, said: “This acquisition…will further underpin Neptune Energy’s portfolio with broad operating skills in subsea development, drilling, production, and engineering.
“The transaction is in line with our strategy of expanding our position in key jurisdictions with high quality and complementary assets.
Last year VNG Norge’s net production was 4,000 boe/d, with net reserves and resources of more than 50 MMboe as of Dec. 31, 2017.