Eni, PETRONAS to combine upstream assets in Indonesia and Malaysia

Eni and PETRONAS have announced an exclusive Memorandum of Understanding to progress detailed discussions on establishing a joint venture holding company to oversee selected upstream assets in Indonesia and Malaysia. The joint venture will combine approximately 3 billion barrels of oil equivalent (boe) of reserves with an additional 10 billion boe of potential exploration upside.

Under this arrangement, the assets will retain their current operational structure, with a focus on health, safety and environment (HSE), project delivery and efficiency, while both companies continue to uphold their sustainability commitments.

Eni and PETRONAS aim to ensure stability in production for Malaysian assets while supporting timely new developments in Indonesia. Both Eni and PETRONAS have informed the Indonesian and Malaysian governments of their intentions. Any final transaction will be subject to relevant governmental, regulatory, and partner approvals.