PETRONAS and Eni to explore upstream interests in new JV

PETRONAS and Eni have signed a Memorandum of Understanding (MoU) 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 boe of reserves with an additional 10 billion boe of potential exploration upside. It will focus on investing in new gas development projects, reflecting the 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.

Under this arrangement, the assets will retain their current operational structure, with a focus on HSE, project delivery and efficiency, while both companies continue to uphold their social investment commitments. The new company will leverage the competencies and financial capabilities of both PETRONAS and Eni and is expected to raise external financing on a standalone basis.