E - Eni said to halt sale of Australian assets as bids disappoint

Eni (E) reportedly has put on hold the sale of Australian gas assets it values at ~A$1B (US$780M) after failing to attract satisfactory bids.The assets include the shallow-water Blacktip gas project, plus stakes in the depleting Bayu-Undan gas condensate field and the associated Darwin LNG plant; they produced ~10M boe in 2019, including 1M barrels of oil and condensate and 51B cf of gas.Eni wants to divest non-core assets such as those in Australia and Pakistan to raise cash after the pandemic-led global downturn and the company's drive to focus on cleaner fuels.Eni's aggressive push into renewable energy sets it apart from its big U.S. oil peers and could give it an advantage going forward, Power hedge writes in an analysis published recently on Seeking Alpha.

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Eni said to halt sale of Australian assets as bids disappoint