Italian exploration and production (E&P) firm Eni and its adviser Citi are reportedly expecting binding bids for the former’s gas assets in Australia by the end of next month.
The deal is expected to raise around $1bn, Reuters reported, citing two sources.
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The sources stated that Indonesia’s Medco Energi Internasional and a consortium comprising Australian fund Macquarie and E&P company Neptune Energy are working on the bids.
Global infrastructure investment platform Morgan Stanley Infrastructure is also said to have showed an interest in the bids.
The news agency cited one of the sources as stating: “The sale has generated limited interest.”
The sale of the Australian gas assets is part of Eni’s plans to sell non-core assets to raise funds after the ‘global downturn’ triggered as a result of the novel coronavirus (Covid-19) pandemic.
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By GlobalDataThe sale is also part of the company’s plans to focus on cleaner energy fuels.
Another source stated: “The sale will not include the solar assets the group has there.”
One of the sources said that Eni is also seeking to sell its assets in Pakistan and the Congo, but did not reveal any further details.
In July, Eni made an oil discovery at a new well in the South West Meleiha concession of the Egyptian Western Desert.
In June, Eni and Korea Gas Corporation signed an MoU to further strengthen their cooperation in the energy sector.
