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
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
