Eni S.p.A. (BIT:ENI) is understood to have shelved plans to sell its Australian oil and gas assets in recent weeks after offers came in below expectations. Cooper Energy Limited (ASX:COE) and Morgan Stanley Infrastructure Inc. (Morgan Stanley Infrastructure Partners) were closing in on Eni's Australian portfolio of oil and gas assets in December, 2020 but Eni later opted not to sell. In the later stages, the process was understood to have come down to the Cooper Energy Limited (ASX:COE) consortium versus Macquarie Energy with Neptune Energy Australia Pty Limited.

However, it is understood that the bidders are not keen to buy the stake in the portfolio which is part of Darwin LNG, controlled by Santos Limited (ASX:STO), and the Bayu-Undan gas field. There are also understood to be concerns about the reserves at the Blacktip gas plant. The parties are understood to have put forward an offer that values the portfolio at more than $500m.

However, Eni is thought to have aspirations to sell the assets for between $500 million and $1 billion. A deal may have proven challenging for Neptune Energy, which has the China Investment Corporation as a 49% owner, due to foreign investment concerns by the government.