ENI Acquires the “Touat Gas” As Part of a Huge Worldwide Energy Deal
The Italian company Eni expanded its presence in Algeria through the southwest region this time, by acquiring the assets of the “Neptune Energy” company in the “Touat Gas” project in the city of Adrar (southern Algeria), months after it acquired British Petroleum’s assets in the gas fields of In Salah and in Amenas.
In this context, the Italian giant “Eni” announced the purchase of the British energy group “Neptune”, which specializes in the exploration and production of hydrocarbons, and owns assets in the “Touat Gas” project in Adrar, whose production was suspended for some time.
According to a statement by the Italian company, published on ENI’s website on Friday, it reached, along with Var Energi, an agreement to acquire the Neptune Energy Group assets, indicating that the deal includes acquiring all Neptune’s assets except for those located in Germany, whose value amounted to $4.9 billion.
The agreement stipulated that the deal would be divided into two parts: Eni would pay $2.6 billion to buy all of Neptune’s activities except for those in Norway, which Var Energi would buy for $2.3 billion, noting that Var Energi is a Norwegian company and is also considered one of the ENI’s subsidiaries.
According to Eni’s statement, Neptune Energy owns assets in the United Kingdom that produces 15,000 barrels of oil per day, the Netherlands produces 18,000 barrels of oil per day, and Algeria through the “Touat Gas” project, in addition to Egypt, Indonesia, Australia and Norway.
The same statement read that the “Touat Gas” project in Algeria is currently suspended from production, and will be resumed upon completion of the modernization of the gas processing facilities, indicating that the total production will then reach 400 million standard cubic feet per day, equivalent to 70.000 barrels of oil per day.
The statement of “Eni”, which is considered the first foreign energy company in Algeria, explains that its production in Algeria during 2022 amounted to 95.000 barrels of oil equivalent per day, and after this deal it will rise to 120.000 barrels of oil equivalent per day, adding that Algeria has become an essential gas supplier to the European continent.
For reference, the Italian ENI completed a few months ago the definitive acquisition of the assets of the British “BP” company in the fields of In Saleh and In Amenas, which are managed in partnership with Sonatrach and the Norwegian “Equinor”, after it obtained the green light from the Algerian authorities.
At that time a statement by Eni said that the acquisition, which was completely “closed”, obtained the approval of the Algerian competent authorities, in addition to the European Antitrust Authority, in early December 2022.
