Major North Sea producer Neptune Energy bought by Italian giant in multi-billion deal

Major North Sea gas producer Neptune Energy is to be bought by Italian oil heavyweight Eni after the two agreed a $2.6 billion (£2.1bn) deal.

The deal will see Eni take over Neptune, with Norway’s Var Energi buying its sites in the Norwegian continental shelf for a further $2.3bn. Var is majority owned by Eni. Meanwhile, Neptune’s German business will continue to be run as an independent company, owned by its current shareholders.

In one of the biggest deals in Europe in years, Eni will get control over Neptune’s assets in Australia, Algeria, the Netherlands and Indonesia. Neptune, which was founded by former Centrica boss Sam Laidlaw, recently said it would help support the UK’s energy security and supply the gas needs of almost two million homes after kicking off production at a new North Sea well.

Chairman Laidlaw said: “Since Neptune’s formation in 2018, we have invested in the business and transformed the organisation, resulting in material improvements in safety, operational performance and cost efficiency. I am incredibly proud of Neptune’s achievements over the past five years - and the hard work and dedication of so many people across our organisation, who, together with our shareholders, have contributed to the growth and success of the business. This transaction offers a new and exciting phase for Neptune, with significant growth opportunities supporting energy security and the energy transition, which will benefit from Eni’s and Var Energi’s larger scale and available resources.”

Eni chief executive Claudio Descalzi added: “This transaction delivers to Eni a high-quality and low carbon intensity portfolio with exceptional strategic and operational complementarity.”