Italian firm Eni is in talks to buy North Sea focused Neptune Energy for around $5-6bn, according to media reports. Neptune operates Algeria’s Touat gas project and also has more modest upstream stakes in Egypt.
If the deal goes through, Eni will see its already large footprint in Algeria grow. The firm is the country’s largest foreign producer and most recently agreed to purchase BP’s stakes in the In Salah and In Amenas gas projects which typically account for around 10% of Algeria’s sales gas production (MEES, 9 September). (CONTINUED - 255 WORDS)