M&A Deal Summary

Var Energi Acquires Neptune Norway

On June 23, 2023, Var Energi acquired oil/gas exploration company Neptune Norway from Neptune Energy for 2.3B USD

Acquisition Highlights
  • This is Var Energi’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Var Energi’s 2nd largest (disclosed) transaction.
  • This is Var Energi’s 1st transaction in Norway.

M&A Deal Summary
Date 2023-06-23
Target Neptune Norway
Sector Oil/Gas Exploration
Buyer(s) Var Energi
Sellers(s) Neptune Energy
Deal Type Divestiture
Deal Value 2.3B USD

Target

Neptune Norway

Sandnes, Norway
Neptune Norway produces high-value barrels and an asset portfolio supporting long-term sustained value creation and underpins to increase production. Neptune Norway is based in Sandnes, Norway.

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Buyer(S) 1

Buyer

Var Energi

Stavanger, Norway

website

Category Company
Founded 2018
Sector Oil/Gas Exploration
DESCRIPTION

Var Energi is an independent exploration and production (E&P) company on the Norwegian continental shelf (NCS) with an average production of more than 170,000 barrels of oil equivalent per day. The company operates oil and gas production across the entire shelf, with fields in the Barents Sea, the Norwegian Sea, and the North Sea. Var Energi was formed in 2018 and is based in Stavanger, Norway.

DEAL STATS #
Overall 3 of 3
Sector (Oil/Gas Exploration) 2 of 2
Type (Divestiture) 2 of 2
Country (Norway) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-26 Exxon Mobil - Upstream Operations

Texas, United States

Exxon Mobil Corp. - Upstream Operations comprises more than 20 producing fields that are operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.

Buy $4.5B

Seller(S) 1

SELLER

Neptune Energy

London, United Kingdom

website

Category Company
Founded 2017
Sector Oil/Gas Exploration
DESCRIPTION

Neptune Energy is a new oil & gas investment vehicle offers full life-cycle capabilities across exploration, development, and production. The company produces over 55 million barrels of oil equivalent (MMBOE) per year and has proven and probable reserves of over 600 MMBOE. Neptune Energy was founded in 2017 and is based in London, United Kingdom.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
Country (Norway) 1 of 1
Year (2023) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-11 ENGIE E&P International SA

Paris, France

ENGIE E&P International SA is a large global E&P business focused on North West Europe and with operations in North Africa and South East Asia. EPI produces more than 150 kboepd and has proven and probable reserves of 672 mmboe. The assets are advantageously spread across the spectrum of the value chain from pre-development and development through to long-life production. EPI’s production mix is equally weighted between oil and gas.

Buy €4.7B
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