Eni Nears $5 Billion Deal to Acquire Neptune Energy Group

Eni is on the verge of finalizing a purchase agreement with Neptune Energy Group for approximately $5 billion, according to sources cited by Bloomberg. Sources revealed that Eni may make an official announcement regarding the acquisition of oil and gas explorer Neptune Energy as early as this week. While other potential buyers, such as TotalEnergies, have shown interest in the private equity-backed company, Eni is currently positioned as the frontrunner to secure the assets. Neptune Energy, which is supported by Carlyle Group and CVC Capital Partners, has not yet made a final decision, and details such as the timing of the deal remain subject to change or potential cancellation, cautioned the sources. Representatives from Eni, Neptune Energy, Carlyle, and CVC declined to comment, as reported by the media outlet. Eni, headquartered in Rome, has been closely monitoring Neptune Energy since late last year, aiming to expand its natural gas business. Earlier this month, it was disclosed that Eni had entered into exclusive negotiations for the acquisition of Neptune Energy. These talks began after several months of negotiations in 2022, which initially stalled due to disagreements over the price. Eni subsequently raised its takeover offer price for Neptune Energy, which now stands between $5 billion and $6 billion. Approximately 75% of Neptune Energy’s production originates from natural gas reserves located in Eni’s operational regions, including the North Sea, North Africa, and Asia. Neptune Energy currently operates various offshore oil and gas projects in the Netherlands, Norway, and the UK.