Eni, PETRONAS plan 15 new exploration wells across Indonesia, Malaysia

Eni and PETRONAS signed a binding investment agreement to form a new joint venture combining their upstream assets in Indonesia and Malaysia. The partnership will oversee 19 oil and gas assets; 14 in Indonesia and five in Malaysia, and focus on accelerating development activity across both countries.

The companies said the new entity will launch an intensive five-year drilling campaign targeting regional growth opportunities. Plans include drilling 15 exploration wells and bringing at least eight new projects into development, with a combined 3 billion barrels of oil equivalent (boe) of discovered resources. The venture also aims to unlock a further 10 billion boe of unrisked exploration potential across the two nations.

Initial production from the combined portfolio exceeds 300,000 boe per day, with a goal of reaching more than 500,000 boe per day in the medium term. Operations will focus on key basins such as Indonesia’s Kutei Basin and multiple producing areas offshore Malaysia.