International

Eni Completes Acquisition of Neptune Energy: Advancing Low-Carbon Energy Solutions

Published on : 2024-02-03

Eni has officially finalized its acquisition of Neptune Energy Group Limited, a move consistent with its commitment to delivering affordable, secure, and low-carbon energy solutions, particularly focusing on natural gas.

Originally announced in June 2023, this strategic acquisition encompasses Neptune's entire portfolio, excluding its Norway and Germany operations, which were acquired by Vår Energi, a company primarily owned by Eni. Additionally, Eni gains Neptune's involvement in the Geng North-1 gas discovery in Indonesia.

This acquisition bolsters Eni's position in North Africa and Northern Europe, offering new opportunities for carbon capture and storage (CCS) initiatives.

Eni views CCS as pivotal in its decarbonization efforts, with potential synergies envisioned with Neptune's projects in Norway and the Netherlands. The transaction has received regulatory approval, marking a significant milestone in Eni's expansion strategy.

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