(Bloomberg) -- Italy’s Eni SpA expanded the reach of its natural gas business with the joint acquisition of explorer Neptune Energy Group Ltd. for $4.9 billion. Most of Neptune’s production comes from gas fields in the North Sea, North Africa and Asia — all regions where Eni already operates. The deal’s enterprise value is split into $2.28 billion for Neptune’s Norwegian assets, which go to Var Energi, and $2.6 billion for the rest, according to the statement. The purchase will add about 130,000 barrels of oil equivalent a day — most of it gas — to the Eni and Var Energi portfolios. “This is also really bringing a very good commodity mix to Var Energi,” CEO Torger Rod told reporters on Friday.

Source: The North Africa Journal June 23, 2023 16:15 UTC