Eni, Petronas to combine upstream assets in Indonesia, Malaysia
FILE PHOTO: The logo of Malaysian energy group National Petroleum Limited, commonly known as PETRONAS, is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo
MILAN : Eni and Malaysia's state energy firm Petroliam Nasional Bhd (Petronas) signed a memorandum of understanding to create a joint venture to oversee some upstream assets in Indonesia and Malaysia, the Italian energy group said on Thursday.
The new company will combine around 3 billion barrels of oil equivalent (BoE) of reserves with an additional 10 billion BoE of potential exploration upside, a statement said.
The joint venture is expected to generate substantial synergies towards becoming a major liquefied natural gas player in the region, it added .
