Italy’s Eni on 31 January announced the completion of a $4.9bn deal struck last June to buy the bulk of the upstream assets of London-based Neptune Energy, including those in Algeria and Egypt (MEES, 30 June 2023).
Though the 400mn cfd-capacity Touat field (Eni, was Neptune, 35%op) remains offline having apparently missed its most recent 4Q 2023 restart target (MEES, 24 November 2023), Eni says it sees Touat “building on Eni’s leading position in critical country for European supply.” Neptune’s Egypt output was a modest 2,700 boe/d for 2022. (CONTINUED - 85 WORDS)