Report: Engie in advanced talks to sell E&P business for $3.6B

French energy firm Engie is reportedly in advanced talks to sell its oil and gas exploration and production business.

The company has been in talks with Neptune Oil & Gas to sell 70 percent in Engie E&P for around $3.6 billion, Reuters has reported, citing an unnamed source familiar with the matter.

Reuters has reported that talks were allegedly „going well,“ and might be closed soon. However, the news agency has also said that there are other factors potentially affecting the deal – rising oil prices, and China Investment Corporation’s wish to boost its stake in Engie E&P.

The Chinese company currently owns 30 percent in Engie E&P, which it acquired in December 2011.

At the end of 2016, the Engie E&P had 1741 employees, 2P reserves of 672.4 million barrels of oil equivalent, almost 80 percent of which was natural gas.

The company’s assets are spread across Norway, The Netherlands, Germany, UK and others.

Offshore Energy Today has reached out to Engie, seeking more info on the allegedly imminent deal. We will update the article with any response we receive.

Who is Neptune Oil & Gas

Neptune Oil & Gas, the firm reportedly looking to buy Engies’s E&O unit, is an oil and gas investment company established back in 2015 by the former Centrica manager Sam Laidlaw.

At the time of the founding Neptune said it would focus on investing in large oil & gas portfolios that may come available as a result of current energy market dynamics. It also said funding would be provided by The Carlyle Group  and CVC Capital Partners.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply