Posted by OilVoice Press - OilVoice
London, 28 June 2018. Neptune Energy Group (“Neptune”) announced today that it has entered into a Sale and Purchase Agreement to acquire 100% of the shares of VNG Norge AS (“VNG Norge”) from VNG AG, the German natural gas wholesaler and energy service provider.
VNG Norge business highlights:
The VNG Norge asset base is highly complementary to Neptune's existing Norwegian portfolio, consolidating its equity position in the greater Njord area with 22.5% in Njord as well as a 30% interest and the operatorship of the Fenja oil development project. Fenja is a sub-sea development which will be produced as a tie-back to the Njord production hub and is scheduled to come on stream in 2021.
Furthermore, VNG Norge's reputation, as a respected and highly competent operator and partner in Norway, is recognised and valued by Neptune and we believe the combination of both businesses creates a strong platform with a broad operating skills-set across sub-sea development, drilling, production and exploration.
Sam Laidlaw, Executive Chairman of Neptune Energy Group, said:
“We are extremely pleased to announce the signing of the SPA to acquire VNG Norge, which provides us with our first acquisition since the completion of our purchase of ENGIE E&P, and is directly in line with our strategy of consolidating our position in key jurisdictions with high quality and complementary assets.
“The addition of further long-life oil development opportunities in Norway, through one of our key production hubs, as well as adjacent production and exploration interests, is a further step towards delivering our ambition to create a leading international independent E&P company of significant scale.
“I am also pleased that VNG Norge will bring a strong team in Norway, that we aim to integrate with our existing business, to play a full part in the future growth and success of the Neptune Energy Group.”
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