Through the agreement, Neptune Energy is expected to increase existing interest and add approximately 600 barrels of oil equivalent (boe) production in Germany

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Image: Neptune Energy has agreed to acquire interests in oil and gas fields from Wintershall Dea. Photo: Courtesy of Neptune Energy.

UK-based independent exploration and production company Neptune Energy has agreed to acquire interests in oil and gas fields from Wintershall Dea, a German natural gas and crude oil company.

Neptune Energy said that the oil and gas fields included in the transaction are located in the Emsland and the Grafschaft Bentheim region in Germany.

The transaction is expected to increase the Neptune Energy’s existing interest and daily net production.

Neptune Energy is already the operator for Bramberge oil field

Neptune Energy has been a joint venture partner in the assets and is the operator for the Bramberge oil field and the Grafschaft Bentheim gas fields.

It owns an interest in the Bramberge, Meppen and Annaveen oilfields, located in the Emsland region and in various gas fields in the Grafschaft Bentheim region.

In addition, the transaction would add approximately 600 barrels of oil equivalent (boe) of daily net production to its production in Germany, which accounts for approximately 5% increase.

Neptune Energy Germany managing director Andreas Scheck said: “Increasing our interest in these fields is strategically important for Neptune, enhancing our production and demonstrating our commitment to grow our footprint in key producing regions in Germany.

“We have been an operator or partner in these fields for many years and are well positioned to leverage our experience in this region. I firmly believe in the potential of oil and gas production in Emsland and in the Grafschaft Bentheim over the coming decades – a very traditional E&P region in Germany, and one with a strong, positive future.”

The transaction is subject to regulatory and partner approvals, and is expected to be completed in the third quarter of 2019.

Neptune Energy said that the announcement is based on its commitment to developing additional projects in North-West Germany.

Furthermore, along with its partner, the company is planning to drill a new gas well Adorf Z15, in the second half of this year, for which the well pad has already been constructed in the municipality of Hoogstede.

Recently, Neptune Energy has agreed to acquire from Eni a stake of 20% in the East Sepinggan area and 30% stake in the East Ganal production sharing contract (PSC), both located offshore Indonesia