Neptune Energy Completes Engie E&P International Transaction
Neptune Energy Group has completed the acquisition of Engie E&P International SA (EPI).
The transaction sees Neptune become an international independent exploration and production company across the North Sea, North Africa and South East Asia, producing 154,000 net barrels of oil equivalent per day in 2017.
“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,” Sam Laidlaw, executive chairman of Neptune Energy Group, said in a company statement.
“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,” Laidlaw added.
Jim House, CEO of Neptune Energy, said he was ‘extremely pleased’ to officially welcome the EPI business and its employees to the Neptune family.
“The business is driven by a dynamic organization 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,” House said in a company statement.
“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,” he added.
Industry body Oil & Gas UK welcomed the completion of the Neptune, Engie transaction.
“Having an enterprising company like Neptune growing with the North Sea at the heart of its business is also good news for the future of the UK oil and gas industry,” Oil & Gas UK Chief Executive Deirdre Michie said in a statement sent to Rigzone.
“This transaction highlights that the UK oil and gas sector continues to offer smart investors good commercial opportunities on the back of the huge efficiency improvements of recent years,” Michie added.
“Our industry supports hundreds of thousands of jobs, energy security and provides billons of pounds to the UK economy. Its continued success requires investment like this,” Michie continued.
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