Eni Halts Sale of Australian Assets after Bids Fall Short

Giulio Piovaccari and Stephen Jewkes
Tuesday, January 5, 2021

Italian oil and gas group Eni has put on hold the sale of Australian gas assets it values at around $1 billion after they failed to attract satisfactory bids, two sources close to the matter said, confirming a press report.

One of the sources said offers had been well below what Eni had expected.

A spokesman for Eni said the group would not comment on a press report.

"However, Eni confirms its strategy of rationalization of its product portfolio, which will only become effective when conditions are met for the assets concerned to be adequately valued," he said.

News that the sale process had been halted was reported first by Italian daily MF on Tuesday.

The disposal of its Australian gas assets is part of Eni's plans to sell non-core assets to raise cash after the global downturn triggered by the coronavirus pandemic, and its drive to focus on cleaner fuels.

Eni and its adviser Citi had expected binding bids for the gas assets in Australia by the end of November, two sources had said.

 (Reporting by Giulio Piovaccari and Stephen Jewkes; Editing by Jan Harvey and Susan Fenton)

Categories: Energy Industry News Activity Australia/NZ

Related Stories

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

Shell’s Brazil-Bound FPSO Starts Taking Shape

Ventura Offshore’s Semi-Sub Rig to Keep Drilling for Eni in Asia

Brownfield Output Decline Accelerates, says IEA

Santos and QatarEnergy Agree Mid-Term LNG Supply

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Current News

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com