Neptune Energy will acquire interests in a number of oil and gas fields in Emsland and the Grafschaft Bentheim region in Germany from Wintershall Dea.

The agreement will increase Neptune’s existing interest in the Bramberge, Meppen and Annaveen oilfields, located in the Emsland region and in various gas fields in the Grafschaft Bentheim region.

It adds about 600 barrels of oil equivalent (boe) of daily net production to Neptune’s production in Germany – an increase of around five per cent.

Neptune is already a joint venture partner in the assets and operates the Bramberge oil field and the Grafschaft Bentheim gas fields.

Andreas Scheck, Managing Director of Neptune Energy in Germany, 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. 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.”

The transaction is expected to go through in the third quarter of 2019.