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Eni and Vår Energi to acquire Neptune

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Molly Cooper

Journalist at Tank Storage Magazine.
People sat at desk, signing paper with pen.

Italian multinational energy company, Eni S.p.A. (Eni) is pleased to announce that along with Norwegian oil and gas company, Vår Energi ASA (Vår) it has reached an agreement to acquire independent energy company, Neptune Energy.

Eni will acquire assets comprising Neptune’s entire portfolio other than its operations in Germany and Norway. German operations will be carved out prior to the Eni transaction and the Norwegian operations will be acquired by Vår directly from Neptune under a separate share purchase agreement.

The transaction represents an exceptional fit for Eni. It complements Eni’s key areas of geographic focus and supports its objective of increasing the share of natural gas production to 60%, and reaching net zero emissions from the upstream business by 2030.

The transaction aligns with Eni’s strategy of providing affordable, secure and low carbon energy to society, for which natural gas remains an important source.

Commenting on the transaction, Eni’s CEO, Claudio Descalzi, says: ‘This transaction delivers to Eni a high-quality and low carbon intensity portfolio with exceptional strategic and operational complementarity. Eni sees gas as a critical bridge energy source in the global energy transition and is focused on increasing the share of its natural gas production to 60% by 2030.’

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