Neptune Energy Annual Report Reveals $3.3B Support For European Economies

Neptune Energy today announced record levels of support for European economies with the company’s activities contributing $3.3B gross value added (GVA) and more than 9,700 jobs.

Economic impact analysis by Oxford Economics, published in Neptune’s Annual Report and Accounts today, revealed the company’s overall European economic impact increased significantly in 2021 – up from $2.1B in 2020 – due primarily to increased earnings resulting in higher taxes paid.

Since its inception in 2018 Neptune has invested more than $6B in development, exploration and acquisitions to grow the business.

The analysis highlighted

• Neptune contributed $1.7B to Norway’s GDP, equivalent to 0.35% of Norway’s total GDP. Neptune supported 1,581 jobs and for every Neptune employee in Norway, the company supported four elsewhere.
• In the Netherlands, Neptune contributed $616M to Dutch GDP and supported 1,520 jobs. For every Neptune employee in The Netherlands, around four jobs are supported elsewhere.
• Neptune contributed $536M to German GDP, supporting 2,599 jobs. For every Neptune employee in Germany, around six jobs were supported elsewhere.
• In the UK, Neptune contributed $512M to GDP and supported 4,020 jobs. For every Neptune employee in the UK, around 18 jobs were supported elsewhere in the domestic economy.

For the first time, analysis was also carried out on Neptune’s economic impact in Indonesia where the company’s activities supported more than 13,640 jobs and contributed $478M GVA. For every Neptune employee in Indonesia, more than 600 jobs were supported elsewhere.

Neptune Energy’s CEO, Pete Jones, said: “The research demonstrates the important contribution Neptune makes to the communities where we operate, not only directly but also throughout the supply chain with more than $1B spend in 2021, supporting the post-pandemic recovery of local and national economies.

“Our significant Northwest European gas and oil production is an important contributor to Europe’s energy security while in Indonesia we’re working with our partners to produce LNG for export to the region and gas for the domestic market. We will continue to work with the respective governments as well as with our partners and suppliers, to contribute to meeting society’s energy needs and supporting economic growth.”

Publication of the Neptune’s economic impact assessment comes after the company announced its aim to go beyond net zero and store more carbon than is emitted from its operations and the use of its sold products by 2030.

Neptune’s 2021 Annual Report and Accounts can be found here (https://www.neptuneenergy.com/sites/neptuneenergy-corp/files/investor/reports-and-presentation/2022/neptune-energy-annual-report-2021.pdf).

About Neptune Energy Group
Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves at 31st December 2021 of 604 million barrels of oil equivalent. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners. For more information, visit www.neptuneenergy.com.