Neptune Energy agrees to acquire stakes in German oil and gas fields. Credit: Neptune Energy.

UK-based Neptune Energy has agreed to acquire interests from Wintershall Dea in certain oil and gas fields in the Emsland and Grafschaft Bentheim regions in Germany.

With the latest agreement, Neptune will increase its existing interest in the Bramberge, Meppen and Annaveen oil fields of the Emsland region, as well as various gas fields in the Grafschaft Bentheim region.

This would add more than 6,001boe of daily net production to the company’s German production capacity and is expected to increase its production by 5%.

The company is already a joint venture (JV) partner in the respective assets and acts as an operator for the Bramberge oil field and the Grafschaft Bentheim gas fields.

Neptune Energy Germany managing director Andreas Scheck said: “Increasing our interest in these fields is strategically important for Neptune, enhancing our production and demonstrating our commitment to grow our footprint in key producing regions 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.

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“I firmly believe in the potential of oil and gas production in Emsland and in the Grafschaft Bentheim over the coming decades, a very traditional E&P region in Germany, and one with a strong, positive future.”

Expected to close in the third quarter of this year, the transaction is subject to regulatory and partner approvals.

Neptune Energy is an independent E&P company with operations across the North Sea, North Africa and the Asia Pacific.

In February, Neptune Energy and Sonatrach started production at the Touat gas project in the Sbaa basin in Algeria as part of project commissioning.