Offshore staff
PARIS – ENGIE has received a firm and binding offer to sell 70% of its Exploration & Production International (EPI) division to London-based Neptune Energy for €4.7 billion ($5.11 billion).
This includes €1.1 billion ($1.12 billion) to cover decommissioning liabilities for ENGIE’s offshore facilities.
Neptune, led by former Centrica CEO Sam Laidlaw, is backed by funds advised by The Carlyle Group and CVC Capital Partners, and a sovereign investor, dedicated to investing in upstream oil and gas activities.
Under the proposal, Neptune would become the sole owner of EPI - producing assets include theGjøa field in the Norwegian North Sea and the Cygnus gas field in the UK’s southern gas basin.
Neptune’s goal is to further develop its exploration and production activities through EPI, in part by pursuing investment opportunities in the North Sea, North Africa, and Southeast Asia regions.
As of Dec. 31, 2016, EPI had booked 2P reserves of 672 MMboe and equity production last year of 148,000 boe/d.
ENGIE would retain a 30% interest in EPI’s Touat project in Algeria, currently in the development phase.
Subject to customary closing conditions, the deal should be completed by early 1Q 2018.
05/12/2017
