Italian energy company Eni has reached a deal to acquire Neptune Energy Group Limited in partnership with Vår Energi ASA.

The agreement excludes Neptune’s operations in Germany and involves a purchase price of nearly $5 billion (£3.9bn).

Vår Energi will directly acquire Neptune Energy Norge AS, which represents the Norwegian operations, under a separate agreement. Vår Energi is majority-owned by Eni, with a 63% stake.

Eni views the acquisition as a strategic fit, as it strengthens its natural gas portfolio and enhances its position in the energy transition.

The addition of Neptune’s assets is expected to contribute over 100,000 barrels of oil equivalent per day (boed) of production, with a significant portion being natural gas.