Neptune Energy Group has closed its $3.9bn acquisition of Engie E&P International, the oil and gas business of Engie.
The transaction sees Neptune become an international independent E&P company across the North Sea, North Africa and South East Asia, producing 154,000 net barrels of oil equivalent per day in 2017.
Neptune’s new global platform offers a sustainable asset base throughout the E&P value chain, a good balance of oil and gas and with low operating costs.
The North Sea region benefits from a strong operating base in strategic assets such as Cygnus in the UK and Gjøa in Norway, while Neptune is the leading offshore operator in the Netherlands. North Africa and Southeast Asia provide near-term gas volume growth into strengthening markets while Germany offers a strong, long-life oil production base.
Neptune Energy Group executive chairman Sam Laidlaw said: “I am pleased to announce the completion of this significant achievement, which is the result of some three year’s work and marks a new beginning for Neptune Energy.
“Building on the success and hard work of the EPI team and leveraging its strong portfolio of assets, we aim to generate long term sustained value for the countries in which we operate, our employees and for our investors in order to create a leading international independent E&P company within the next 5 years.
“In creating and delivering this opportunity, the team at Neptune also have great support from our investors: China Investment Corporation (CIC), The Carlyle Group and CVC. We all have a shared vision to create an efficient independent E&P company of scale across diversified geographies, operating safely, and nimbly capturing new opportunities.”
Neptune Energy CEO Jim House said: “I am extremely pleased to officially welcome the EPI business and its dedicated employees to the Neptune family.
“The business is driven by a dynamic organisation of more than 1,800 staff working across exploration, appraisal, development and production, all of whom are critical to the future growth and success of Neptune Energy.
“I very much look forward to working with our new colleagues as well as industry partners and other stakeholders as we execute on our ambitions.”