ENERGY group Tullow Oil saw its share price close 1.8 per cent down at 1,158p yesterday, after the Italian state oil group ENI decided against an offer for the group.<br /><br />ENI is said to think that a bid would be too expensive after completing due diligence and pricing its African assets.<br /><br />Tullow’s share price was also hit after Citigroup downgraded its recommendation from “buy” to “hold”, and crude oil fell for the third day in a row. <br /><br />ENI had been cited as one of the frontrunners to buy up a stake in Tullow’s Ugandan Ngassa-2 prospect project. <br /><br />Tullow’s Jubilee oil field, which is in Ghana, is set to come on stream late next year when it will produce about 140,000 barrels of oil per day.<br /><br />It jumped to a record high last week after announcing the discovery of a deep-water oil prospect on the Venus well near Sierra Leone.