Eni and PETRONAS Form New Joint Venture for Upstream Assets in Indonesia and Malaysia
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Eni S.p.A. and PETRONAS have established a joint venture, NewCo, to manage 19 upstream assets in Indonesia and Malaysia. The venture aims for an initial production of over 300,000 boe/d, with a target of exceeding 500,000 boe/d in the medium term. Over the next five years, NewCo plans to invest over USD 15 billion in new projects and exploration wells, with the deal expected to close in 2026, pending regulatory approvals.
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