Neptune Energy agrees to acquire interests in German oil & gas fields

Adorf field – pic supplied by Neptune Energy

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NEPTUNE Energy today announced it has agreed to acquire interests in several oil and gas fields in the Emsland and the Grafschaft Bentheim region of Germany from Wintershall Dea.

The agreement will increase Neptune’s existing interests in the Adorf, Apeldorn and Ringe gas fields and in the Adorf-Scheerhorn, Georgsdorf and Ringe oil fields.

It will add approximately 1,800 barrels of oil equivalent per day (boepd) to Neptune’s production portfolio in Germany – an increase of around 10%.

Neptune operates all the fields that are part of the transaction, with the exception of the Georgsdorf oil field.

In 2019, Neptune acquired interests in various other fields of the Grafschaft Bentheim and Emsland region from Wintershall Dea, which added approximately 600 boepd to its German production portfolio.

Andreas Scheck, Neptune Energy’s 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 transaction is subject to partner approvals, with completion expected in the first half of 2021.

This announcement builds on Neptune’s commitment to continuously optimise existing production in a sustainable way and to develop new assets in this core region. Currently, the Adorf Carboniferous gas field is under development after successful discovery in 2020. The next development well is planned to be drilled in the first half of 2021.

 

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