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
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
