The focus on gas development shows a commitment to energy transition and increasing regional gas demand, the release said. (Source: Shutterstock)
International producers Eni and PETRONAS announced a memorandum of understanding Feb. 27 to create a joint venture (JV) for the partners’ assets in southeast Asia.
Centered around gas development in and around Indonesia and Malaysia, the JV should deliver about 500,000 boe/d of production, Italy-based Eni said in a press release. PETRONAS is a Malaysian-based company.
The combined assets have approximately 3 Bboe of reserves.
The companies believe the JV will lead to synergies that create a leading LNG player in the region. The focus on gas development shows a commitment to energy transition and increasing regional gas demand, the release said.
The assets in the agreement will retain their operational structure. The JV will leverage the competencies and financial capabilities of both Eni and PETRONAS to raise external financing on a standalone basis.
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