Eni has announced the closing of its acquisition of Neptune Energy Group Limited.

This transaction, which was first announced in June 2023, aligns with Eni’s strategy of providing affordable, secure, and low-carbon energy to the market and its customers, with a focus on natural gas.

The acquisition includes Neptune’s entire portfolio, with the exception of its operations in Norway and Germany. These operations were purchased by Vår Energi, a company listed on the Oslo Stock Exchange and 63% owned by Eni. The transaction also includes Neptune’s participation in the Eni-operated Geng North-1 gas discovery in Indonesia, which was announced in October 2023.

This acquisition is a strategic move for Eni, as it integrates a high-quality and low-carbon-intensity portfolio with exceptional geographic and operational complementarity to its own, as Eni stated in a press release.

It also allows for increased gas production in North Africa, where Eni is already the leading international energy company, and in Northern Europe, where new opportunities for carbon capture and storage (CCS) have opened up.

Eni sees CCS as a key lever in its decarbonization strategy and believes there are potential synergies with Neptune’s projects in Norway and the Netherlands.

Prior to the completion of the Eni transaction, Vår Energi acquired Neptune’s business in Norway directly from the company.

The carve-out of activities in Germany was also completed prior to the Eni deal and will continue to be owned and operated by existing Neptune shareholders as a standalone group.

Notably, the transaction has been approved by the relevant authorities and antitrust regulators in the countries involved.