Neptune Energy reports sixfold rise in first-quarter profit

Profits at Neptune Energy more than sixfold earlier this year, adding to a string of strong results from UK oil and gas producers as they face political pressure to play their part in easing the country’s rising cost of living crisis.

Neptune, founded in 2015 by former Centrica CEO Sam Leidlow, is backed by China Investment Corporation and private equity groups Carlyle and CVC Capital Partners.

The company has expanded its global footprint through transactions such as a A sum of $ 3.9 billion On the oil and gas assets of the French electricity company Engie in 2017. About 10% of its production comes from British waters.

Neptune’s profit after tax rose to $ 493.6 million in the first three months of the year, compared to $ 77.9 million in the first quarter of 2021, as it enjoyed high commodity prices. Revenue more than tripled from $ 367.8 million to $ 1.15 billion, with production rising to 131,500 barrels per day from 123,300 barrels per day in the same period a year earlier as a result of new projects entering the grid in 2021 in Norway and Indonesia.

The numbers come after BP unveiled it this month Largest quarterly profit Within more than a decade and Shell reported it The highest ever. The confused gains added fuel to calls from opposition politicians in the Labor Party and the Liberal Democrats to impose a one-off tax on oil and gas producers’ profits to help subsidize rising energy bills for British households.

British Prime Minister Boris Johnson told LBC Radio on Thursday that he does not think width taxes are “the right way forward”, but Chancellor Rishi Sonek is Leave the door open for the policy Unless oil and gas companies introduce new investment plans over the coming weeks.

Neptune Energy CEO Pete Jones said the group would spend more than $ 1 billion over the next five years “securing energy supplies” to the UK, including projects such as the North Sea Seagull oil development where it has 35 cents and is expected to start producing in 2023

“While the UK represents only 10 per cent of Neptune’s production, it is an important growth area for us, with investment opportunities in the North Sea that will not only increase UK energy security but also support jobs and strengthen the supply chain,” Jones added.

Neptune Energy reports sixfold rise in first-quarter profit Source link Neptune Energy reports sixfold rise in first-quarter profit

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