Morgan Stanley Infrastructure Partners is understood to have tapped Bank of America as part of its quest to buy Australian energy projects from Italy’s Eni believed to be worth up to $1bn.
The contest is entering the second round, with adviser Citi working on the sale for the Italian group.
It is understood that Morgan Stanley Infrastructure Partners, which has been active in the Australian market of late, is working with a partner that can operate the assets.
Another party that is through to the second stage of the competition is MedcoEnergi, based out of Indonesia, while Macquarie Group interests have partnered with Neptune Energy and are also understood to be through to round two.
Beach Energy is also likely to be in the mix.
On offer by Eni as part of Project Ocean is a 10.99 per cent stake in Darwin LNG estimated to be worth about $250m.
The Blacktip gasfield project and the Yelcherr gas plant connected to the project are also for sale and expected to fetch up to $500m.
Eni is also selling a 72.2 per cent interest in the Evans Shoal and Barossa gasfield project off the coast of Darwin.
Roc Oil was earlier thought to be an interested buyer in the Eni portfolio, which is understood to have generated strong interest from infrastructure investors.
Other sales processes are gathering steam in the energy space, with information memorandums expected to be out by early next week for the sale of Chevron’s $5.8bn stake in the North West Shelf project off the coast of Western Australia.
Management presentations are being held later in the month.
Working on the sale of the 16.67 per cent interest in Australia’s largest producing oil and gas project is investment bank UBS. So far, Woodside Petroleum, Beach Energy, GIP, IFM and Canada Pension Plan Investment Board are believed to be among the parties lining up to take a look at the asset.
Meanwhile, the sale of ExxonMobil’s $US2bn Gippsland Basin oil and gas joint venture in the Bass Strait is to start at the end of this month at the earliest through JPMorgan.
MAC raises equity after passing on $1bn Portuguese acquisition
Metals Acquisition is understood to have been looking to buy Portuguese mine Neves-Corvo but has now moved on.
Sims could reap windfall from land sales
Some in the market believe that Sims needs to put some more thought towards selling more assets.