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.
Recommended Reading
RWE Slashes Investment Upon Uncertainties in US Market
2025-03-20 - RWE introduced stricter investment criteria in the U.S. and cut planned investments by about 25% through 2030, citing regulatory uncertainties and supply chain constraints as some of the reason for the pullback.
The New Minerals Frontier Expands Beyond Oil, Gas
2025-04-09 - How to navigate the minerals sector in the era of competition, alternative investments and the AI-powered boom.
What's Affecting Oil Prices This Week? (Feb. 3, 2025)
2025-02-03 - The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
Money Talks: Comerica Bank is ‘Hungry’ for Oil, Gas Business
2025-04-23 - Opportunities may be challenged in the near term, but Comerica Bank remains supportive of oil and gas, says Jeff Treadway, director of energy finance.
Kissler: Gas Producers Should Still Hedge on Price
2025-03-27 - Recent price jumps and rising demand don’t negate the need to protect against future drops.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.