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

Neptune Energy has signed a deal to acquire stakes in multiple oil and gas fields in Germany from Wintershall Dea for an undisclosed price.

The deal involves certain oil and gas producing fields in the Emsland and the Grafschaft Bentheim region.

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

The UK-based oil and gas company will add approximately 1,800 barrels of oil equivalent per day (boepd) to its German production portfolio, which is an increase of nearly 10%.

Neptune Energy is the operator of all the oil and gas fields involved in the transaction, with the exception of the Georgsdorf oil field.

In 2019, the company acquired stakes in various other fields in the Grafschaft Bentheim and Emsland region from Wintershall Dea. The deal had added close to 600 boepd to Neptune Energy’s production portfolio in Germany.

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

Andreas Scheck – Neptune Energy Germany managing director for 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 transaction, which is subject to partner approvals, is likely to be closed in the first half of 2021.

It is said to align with the company’s efforts to continuously optimize its existing production in a sustainable fashion and to develop new assets in this core area.

Currently, Neptune Energy is developing the Adorf Carboniferous gas field, which was discovered in 2020. The company plans to spud the next development well at the Adorf Carboniferous gas field in the first half of 2021.