Oil producer Neptune Energy said today that it had completed the acquisition of VNG Norge.
Neptune acquired the firm from VNG AG, a German natural gas wholesaler and energy service provider.
The transaction, first announced in June, adds three producing fields, two development projects and 42 licences to Neptune’s portfolio.
It strengthens Neptune’s position in the greater Njord area and gives it a 30% operated stake in the Fenja development project.
Neptune chief executive Jim House said: “This acquisition represents an excellent strategic fit with our existing portfolio, adding competitive growth assets in core areas of the Norwegian continental shelf.
“It will further underpin Neptune’s Energy’s portfolio with broad operating skills in subsea development, drilling, production and engineering. The transaction is in line with our strategy of expanding our position in key jurisdictions with high quality and complementary assets.
“We look forward to welcoming the VNG Norge employees to Neptune Energy as we accelerate our ambition to create the leading independent international E&P business.”
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