Eni completes acquisition of Neptune Energy Group

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 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, and in Northern Europe, where the transaction opens up new CCS opportunities. Eni regards CCS as a key lever in its decarbonisation 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 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.

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