Italian energy group Eni has concluded the acquisition of UK-headquartered independent Neptune Energy for $4.9 billion.

The transaction comprises Neptune’s entire portfolio other than its operations in Norway, which are being acquired by Eni’s Norwegian subsidiary Vaar Energi, and Germany.

“Through this transaction, Eni integrates a high-quality and low carbon-intensity portfolio with exceptional geographic and operational complementarity to its own,” the company said in a statement.

The acquired assets include Neptune’s participation in the Eni-operated Geng North-1 gas discovery offshore Indonesia. It also features projects in Western Europe, Australia and North Africa.

Neptune produced about 139,100 barrels of oil equivalent per day in the third quarter of 2023, most of which was natural gas.

Vaar Energi, which is 63% owned by Eni, acquired the business in Norway directly from Neptune before the completion of the transaction.

The carve-out of activities in Germany was also completed prior to the Eni deal and will continue to be owned and operated by existing Neptune shareholders as a standalone group.