Asset A&D

Neptune Energy Increases Stake in German Oil & Gas Fields

By Mahati K L
February 22, 2021
2 minutes read
Adorf Field, Western Germany

London-based Neptune Energy Group Ltd. has entered into an agreement with Wintershall Dea GmbH to acquire its interests in several oil & gas fields located in the Emsland and Grafschaft Bentheim regions of Germany. The financial terms of the transaction have not been disclosed.

The deal includes 18% and 35% interests in Apeldorn and Adorf gas fields, respectively, and a 25% interest each in the Adorf-Scheerhorn and Georgsdorf oil fields. Neptune will also acquire a 65% gas interest and a 55% petroleum interest in the Ringe field. Upon completion, Neptune will hold a 100% operated interest in the Adorf-Scheerhorn and Ringe fields. Neptune had previously acquired interests in various other fields in the Emsland and Grafschaft Bentheim regions from Wintershall Dea in July 2019.

Neptune operates all the fields that are part of the transaction, except for the Georgsdorf oil field. The company plans to focus on optimising existing fields, as well as developing new projects in the region. The interests acquired currently produce approximately 1,800 barrels of oil equivalent per day (boe/d), an increase of around 10% to Neptune’s production portfolio in Germany.

“Increasing our interest in these fields is of strategic importance for us, enhancing our production and underlining our commitment to a key producing area in Germany,” said Andreas Scheck, Neptune’s managing director for Germany.

“We have been an operator or partner in these fields for many years and are well-positioned to leverage our experience in this region, which has long-term potential for energy production,” he added.

Privately-held Neptune Energy is engaged in the acquisition, exploration, development and production of oil & gas assets in the North Sea, North Africa and South-East Asia. The company is backed by equity investments from The Carlyle Group, CVC Capital Partners and China Investment Corp.

The transaction, which is subject to partner and regulatory approvals, is expected to close in H1-2021.

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