Eni finalizes acquisition of Neptune Energy Group.

(Alliance News) - Eni Spa announced Wednesday the completion of its acquisition of Neptune Energy Group Limited.

The transaction includes Neptune's entire portfolio with the exception of its activities in Norway-acquired at the same time by Vår Energi a company listed on the Oslo Stock Exchange in which Eni holds 63 percent-and in Germany, which were spun off.

"The transaction had been announced last June and is in line with Eni's strategy to provide the market and users with affordable, secure and low-emission energy, ensured by natural gas," the company's statement reads. "Through this transaction, Eni integrates with its own a high-quality and low-carbon portfolio, also having an exceptional geographical and operational complementarity.

The acquired assets add Neptune's interest in the gas discovery made in the Geng North-1 well, already operated by Eni, offshore Indonesia in October 2023.

The acquisition is strategic both by increasing gas production in North Africa, where Eni thus consolidates its position as the leading international energy company, and in Northern Europe, where the deal also opens up new opportunities in CCS. Eni sees CCS as a key lever in its decarbonization strategy, and the deal will make possible further synergies with Neptune's projects in this area in Norway and the Netherlands.

Vår Energi acquired the Norwegian operations directly from Neptune, prior to the finalization of the Eni acquisition. The spin-off of Neptune's activities in Germany was also finalized prior to the finalization of the sale of Neptune Energy Group Limited.

Eni's stock on Wednesday closed 0.7 percent in the red at EUR14.81 per share.

By Chiara Bruschi, Alliance News reporter

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