Eni S.p.A (Eni) announces the closing of the acquisition of Neptune Energy Group Limited (Neptune).

The transaction 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).

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.

Vår 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.

About Eni

Eni (NYSE: E) is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.