News

2019 August 1 10:01

Neptune Energy agrees to acquire interests in German oil and gas fields

Neptune Energy says it has agreed to acquire interests in certain oil and gas fields in Emsland and the Grafschaft Bentheim region in Germany from Wintershall Dea.

The agreement will increase Neptune’s existing interest in the Bramberge, Meppen and Annaveen oilfields, located in the Emsland region and in various gas fields in the Grafschaft Bentheim region, adding approximately 6001 barrels of oil equivalent (boe) of daily net production to Neptune’s production in Germany – an increase of around five per cent.

Neptune is already a joint venture partner in the assets and operates the Bramberge oil field and the Grafschaft Bentheim gas fields.

Andreas Scheck, Managing Director of Neptune Energy in Germany, said: “Increasing our interest in these fields is strategically important for Neptune, enhancing our production and demonstrating our commitment to grow our footprint in key producing regions in Germany. We have been an operator or partner in these fields for many years and are well positioned to leverage our experience in this region. I firmly believe in the potential of oil and gas production in Emsland and in the Grafschaft Bentheim over the coming decades – a very traditional E&P region in Germany, and one with a strong, positive future.”

The transaction is subject to regulatory and partner approvals, with completion expected in the third quarter of 2019.

This announcement builds on Neptune’s commitment to developing additional projects in North-West Germany. Together with its partner, the company plans to drill a new gas well, Adorf Z15, in the second half of this year. The well pad in the municipality of Hoogstede has already been constructed.