Neptune Energy to acquire stakes in German oil and gas fields from Wintershall Dea

Neptune Energy has agreed to acquire stakes from Wintershall Dea across various oil and gas fields in the Emsland and the Grafschaft Bentheim region of Germany.

The financial terms of the deal were not disclosed.

The agreement enables Neptune Energy to increase its existing interests in the Adorf, Ringe, and Apeldorn gas fields, and in the Adorf-Scheerhorn, Ringe, and Georgsdorf oil fields.

It will add nearly 1,800 barrels of oil equivalent per day (boepd) to the company’s German production portfolio, representing an increase of about 10%.

Neptune Energy is the operator of all the fields that are part of the deal barring the Georgsdorf oil field.

Neptune Energy to acquire stakes in German oil and gas fields from Wintershall Dea. Photo courtesy of Neptune Energy.

A couple of years ago, the London-based oil and gas firm bought interests in various other fields from Wintershall Dea, located in the Grafschaft Bentheim and Emsland region, thereby adding nearly 600 boepd to its production portfolio in Germany.

Andreas Scheck – Neptune Energy managing director for Germany said: “Increasing our interest in these fields is of strategic importance for us, enhancing our production and underlining our commitment to a key producing area 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, which has long-term potential for energy production.”

The deal, which is subject to partner approvals, is expected to be wrapped up in the first half of this year.

Neptune Energy said that the transaction is in line with its strategy to continuously streamline existing production in a sustainable manner and to develop new assets in this core region.

Presently, the company is developing the Adorf Carboniferous gas field following its discovery last year. The next development well at the Adorf Carboniferous gas field is slated to be spudded in the first half of this year.