Neptune: new assets for effective industrial transformation

The Neptune acquisition, which took place in January 2024, consolidates our ability to produce and distribute natural gas, assuming strategic value. Eni has acquired the whole Neptune portfolio, with the exception of the activities in Norway acquired at the same time by Vår Energi (which Eni holds 63% of) and the activities in Germany that were spun off from the scope.

The strategic connotation of the transaction is significant and will allow us to integrate activities in key geographic areas in Western Europe, North Africa, Indonesia and Australia that are highly complementary to our business, increasing the share of natural gas in the production mix to 60% by 2030. The acquisition allows us to access new opportunities in terms of the capture and storage of CO₂ (CCS) and to continue on the path towards zero net emissions (Scope 1 + 2) in the upstream business by 2030.

The acquisition fits into our strategy of providing affordable, secure and low-emission energy, for which natural gas remains an important source.

Neptune's acquisition proves the efficacy of our satellite model in that the deal was sealed thanks to the participation of Vår Energi. Eni has adopted the satellite model, based on the creation of independent corporate entities in order to support its industrial transformation and respond effectively to the challenges of the energy trilemma. The satellites are able to independently access specialist capital to finance their growth in key sectors and, as a result, Eni's overall growth.

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