Eni and Malaysia's state energy firm, Petroliam Nasional Bhd (Petronas) have signed a memorandum of understanding (MoU) to create a joint venture company to oversee upstream assets in Indonesia and Malaysia.
The new company will combine around 3 bill barrels of oil equivalent (boe) of reserves with an additional 10 bill boe of potential exploration upside, Eni said.
It is expected to generate substantial synergies towards becoming a major LNG player in the region, while delivering in the medium term a sustainable 500,000 barrels per day equivalent of production.
In addition, the new entity will focus on investing in new gas development projects, reflecting both companies’ commitment to energy transition and supporting the increasing regional domestic gas demand.
A comprehensive business plan will be developed to capture future opportunities in exploration, development, and potential portfolio growth.
