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Finance

Eni, Petronas to combine upstream assets in Indonesia, Malaysia

Published by Global Banking and Finance Review

Posted on February 27, 2025

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MILAN (Reuters) - Eni and Malaysia's state energy firm Petroliam Nasional Bhd (Petronas) signed a memorandum of understanding to create a joint venture to oversee some upstream assets in Indonesia and Malaysia, the Italian energy group said on Thursday.

The new company will combine around 3 billion barrels of oil equivalent (BoE) of reserves with an additional 10 billion BoE of potential exploration upside, a statement said.

The joint venture is expected to generate substantial synergies towards becoming a major liquefied natural gas player in the region, it added .

(Reporting by Gianluca Semeraro and Francesca Landini, editing by Giulia Segreti)