ENI has made a bold but calculated bet on future European demand for natural gas as the Italian major moves to expand its toolkit of gas supplies to the continent with the proposed takeover of UK independent Neptune Energy.At a price tag of $4.9 billion, this is a big move for Eni and a decisive step forwards in its strategy to boost the share of natural gas in its upstream portfolio, which it aims to raise to 60% by 2030.The deal has ramifications for Eni as well as Italy's role as a conduit for natural gas into Europe, as the continent readjusts to reduce its dependence on Russian pipeline supplies.Eni will acquire Neptune's entire international business, while its Norwegian subsidiary, Oslo-listed Vaar Energi, is snapping up Neptune's Norway operations.
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