Eni, Var Energi buy independent exploration and production company Neptune

Eni S.p.A. has entered into an agreement with Vår Energi ASA to purchase Neptune Energy Group Limited, an independent exploration and production company with a portfolio of gas-oriented assets and operations in Western Europe, North Africa, Indonesia, and Australia. The acquisition transaction involving Eni and Vår, where the former will acquire Neptune's assets and the latter will acquire Neptune Norway Business, is expected to close in the first quarter of 2024.

Eni is committed to increasing its renewable energy gains and meeting its 2050 carbon neutrality goal. The Neptune business complements Eni's existing gas portfolio and aligns with its geographic footprint, with particular attention to the integration of its low-emission operating assets.

HSBC acted as the exclusive financial advisor, White & Case LLP as the legal advisor, and Ernst & Young as tax and financial due diligence advisor to Eni.