Neptune Energy Group, a London-based private equity-backed firm, has agreed to pay $3.9bn for a majority share in the E&P assets of France’s Engie. Adding in €1.1bn in decommissioning liabilities and €90mn contingent on operational milestones, the deal is worth €4.7bn ($5.2bn). It is expected to go through in early 2018.
Engie’s E&P assets include acreage in Algeria, Egypt, Libya and Qatar as well as in the North Sea and Southeast Asia. Engie Group, formerly known as GDF Suez, has a 70% share in Engie E&P International, with the remaining 30% held by Chinese sovereign wealth fund China Investment Corporation (CIC). CIC is expected to translate its stake in Engie’s oil and gas portfolio to a 49% stake in Neptune, reported Reuters. (CONTINUED - 801 WORDS)
