Vår will acquire Neptune’s Norwegian operations. Credit: Neptune Energy.

Italy’s Eni and its Norwegian unit Vår Energi have signed an inter-conditional sale and purchase agreement to buy private-equity backed exploration and production company Neptune Energy for a total enterprise of about $4.9bn (€4.51bn).

Currently owned by China Investment Corporation, funds advised by Carlyle Group and CVC Capital Partners, and certain management owners, Neptune owns a portfolio of gas-oriented assets and operations in western Europe, North Africa, Indonesia and Australia.

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Under the deal, Eni will acquire Neptune’s entire portfolio, except its operations in Germany and Norway.

Neptune’s German operations will continue to be owned and operated as a stand-alone group by its existing shareholders.

Vår, which is 63% owned by Eni, will acquire Neptune’s Norwegian operations as part of a separate share purchase agreement.

The Vår deal is due to close immediately prior to the Eni transaction, with  proceeds from the Norway divestment remaining with the Neptune Global Business bought by Eni.

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The transaction by Eni supports its strategy to increase its share of natural gas and achieve its 2030 net-zero emissions target from the upstream business.

In a press statement, Eni said: “The transaction aligns with Eni’s strategy of providing affordable, secure and low carbon energy to society, for which natural gas remains an important source.”

Due to close by the end of Q1 2024, the transaction is conditional upon the receipt of necessary regulatory and governmental clearances, among other factors.

Eni CEO Claudio Descalzi said: “This transaction delivers to Eni a high-quality and low-carbon-intensity portfolio with exceptional strategic and operational complementarity.”

Neptune Energy executive chairman Sam Laidlaw said: “This transaction offers a new and exciting phase for Neptune, with significant growth opportunities supporting energy security and the energy transition, which will benefit from Eni’s and Vår Energi’s larger scale and available resources.”