China Investment Corporation, the Carlyle Group, and CVC Capital Partners, have opened preliminary talks with Eni over a deal for gas and oil producer Neptune Energy for around $5 billion to $6 billion, according to a report by Reuters.
China Investment Corporation (CIC), the Carlyle Group, and CVC Capital Partners, have opened preliminary talks with Eni over a deal for gas and oil producer Neptune Energy for around $5 billion to $6 billion, according to a report by Reuters.
The report cites an unnamed source as saying that although talks are ongoing, no official bid has been submitted yet and deal is “far from guaranteed” due to differences in the valuation of the business.
Neptune, which produces around 130,000 barrels of oil equivalent (boed) per day, three-quarters of which is gas, has operations in Norway (home to Eni’s Var unit), Britain, Indonesia (where Neptune shares licences with Eni), Algeria, the Netherlands, and elsewhere.
Its 2022 post-tax operating cash flow is expected to reach $2.5 billion-$3 billion while production is forecast to grow to 165,000 boed next year.
