Neptune to acquire Engie?s E&P assets

By Alexander Ginting

UK-based oil, gas firm Neptune Energy Group announced Thursday it has entered into an exclusivity agreement to acquire ENGIE E&P International S.A. (EPI) for US$3.9 billion .

Neptune, backed by funds advised by The Carlyle Group, CVC Capital Partners Fund VI and a group of co-investors would acquire a majority shareholding in EPI from France?s ENGIE Group.

The proposed transaction is subject to relevant consultation processes and customary regulatory approvals with completion expected by early Q1 2018.

EPI is a large global E&P business focused on North West Europe and with operations in North Africa and South East Asia. EPI produces more than 150 kboepd and has proven and probable reserves of 672 mmboe.

In Indonesia EPI has a 33 percent interest in Eni-Operated Jangkrik LNG offshore project in Makassar strait, which is slated to start production soon. The company also has a 12.5 percent interest in North Ganal PSC offshore East Kalimantan and 20 percent interest in Arguni block in West Papua.