Neptune Energy Group has completed its $4.7bn purchase of Engie's Exploration & Production International, giving it assets in the North Sea, north Africa and southeast Asia that bring in 154,000 barrels of oil equivalent/day net, it said February 15. The deal includes $1.1bn of decommissioning liabilities, but leaves Engie with 30% in the Touat field in Algeria that is expected to start production shortly.

Neptune said the platform offers "a sustainable asset base throughout the E&P value chain, a good balance of oil and gas and with low operating costs. The North Sea region benefits from a strong operating base in strategic assets such as Cygnus in the UK and Gjoa in Norway, while Neptune is the leading offshore operator in the Netherlands. North Africa and southeast Asia provide near-term gas volume growth into strengthening markets while Germany offers a strong, long-life oil production base."

Executive chairman of Neptune Energy Sam Laidlaw said the deal marked "a new beginning for Neptune Energy. Building on the success and hard work of the EPI team and leveraging its strong portfolio of assets, we aim to generate long term sustained value for the countries in which we operate, our employees and for our investors in order to create a leading international independent E&P company within the next five years."

Backers include the China Investment Corporation (CIC), Carlyle Group and CVC.