Eni CEO Claudio Descalzi and Petronas CEO Muhammad Taufik at ADIPEC 2023
Asia’s potential upstream powerhouse
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
The move by European energy major Eni and Asian NOC Petronas to look to combine select Indonesian and Malaysian upstream assets is one that makes perfect strategic sense. The new standalone self-funded entity would have around 3b boe in reserves and a total equity production target of 500,000boe/d in the medium-term. There is exploration potential of 10b boe. The joint venture (JV) is intended to focus on investments in new gas projects, especially in Indonesia, while maintaining stable production in Malaysia. Eni has no asset presence in Malaysia, while it has a much stronger position in Indonesia than Petronas. The plan is also a statement about where the growth of gas demand will come fro
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