Eni Increases Gas Reach With $4.9 Billion Neptune Deal (3)

Italy’s Eni SpA expanded the reach of its natural gas business with the joint acquisition of explorer Neptune Energy Group Ltd. for $4.9 billion.

The deal, done in conjunction with Eni-controlled Norwegian producer Var Energi ASA, adds assets from North Africa to the North Sea and boosts the companies’ gas output at a time when Europe is in desperate need of the fuel.

“We see the transaction adding around 4 billion cubic meters of gas supply for European consumers,” Eni Chief Executive Officer Claudio Descalzi said in a statement on Friday.

Gas has long been key to Eni’s ...