The Italian energy group Eni and Malaysia's state-owned Petronas have agreed to combine their upstream assets in Indonesia and Malaysia to create a new independent company equally owned by both companies (Eni press release 03/11/2025).
The joint venture, NewCo, will operate as a financially self-sufficient entity, managing 19 assets (14 in Indonesia and 5 in Malaysia) with an initial production base of over 300 kboe/d, with the target to grow to more than 500 kboe/d in the medium term.
NewCo is expected to invest about US$15bn over the next five years to “support the development of at least eight new projects and the drilling of 15 exploration wells”, seeking to develop approximately 3 Gboe of discovered reserves and to unlock an estimated 10 Gboe of unrisked exploration potential.
The deal is expected to reach closing in 2026, once all customary and governmental approvals are secured in both Malaysia and Indonesia.
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