Eni, Petronas Form $15B Equal JV for 19 Assets

Italy’s Eni and Malaysia’s state energy firm Petronas signed a binding agreement at ADIPEC to form an equally owned, financially self-sufficient joint venture called NewCo to combine 19 upstream assets (14 in Indonesia, five in Malaysia). NewCo will invest more than $15 billion over the next five years to develop roughly 3 billion barrels of discovered oil equivalent and pursue an estimated 10 billion boe of unrisked exploration potential. The entity will start with production above 300,000 boe/d and aims to exceed 500,000 boe/d in the medium term, with growth driven by developments in the Kutei Basin and Malaysia. The plan backs at least eight new projects and 15 exploration wells. The transaction is part of Eni’s “satellite” strategy and, after customary regulatory and partner approvals, is expected to close in 2026.