• Natural Gas News

    Neptune wraps up German purchase

Summary

Neptune has boosted its output in Germany by 10% through the deal.

by: Joe Murphy

Posted in:

Complimentary, NGW News Alert, Natural Gas & LNG News, Europe, Corporate, Mergers & Acquisitions, Exploration & Production, News By Country, Germany

Neptune wraps up German purchase

Neptune Energy has closed the acquisition of interests in several oil and gas fields in the Emsland and Grafschaft-Bentheim region of Germany from Wintershall Dea, it said on April 1.

The transaction, announced in February, will expand Neptune's positions at the Adorf, Apeldorn and Ringe gas fields and the Adorf-Scheerhorn, Georgsdorf and Ringe oilfields, which collectively produce 1,800 barrels of oil equivalent/day. The deal boosts Neptune's German output by around 10%.

Neptune operates all the acquired fields save for Georgsdorf. The latest deal follows Neptune's purchase of other fields in the Emsland and Grafschaft-Bentheim region from Wintershall Dea in 2019. It launched gas production from the Carboniferous layer of the Adorf field last November.