Eni and PETRONAS Form New Joint Venture for Upstream Assets in Indonesia and Malaysia
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.
Eni S.p.A. and PETRONAS have signed a binding investment agreement to establish a new joint venture company, NewCo, with equal ownership. The new entity will combine 19 upstream assets-14 in Indonesia and five in Malaysia-from both companies, aiming to leverage complementary portfolios and regional expertise. NewCo will begin with an initial production base of over 300,000 barrels of oil equivalent per day (boe/d), targeting growth to more than 500,000 boe/d in the medium term. Over the next five years, NewCo plans to invest over USD 15 billion to develop new projects and exploration wells, supporting sustainable growth and value creation in the region. The closing of the deal is expected in 2026, pending regulatory and governmental approvals. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Eni S.p.A. published the original content used to generate this news brief on November 03, 2025, and is solely responsible for the information contained therein. © Copyright 2025 - Public Technologies (PUBT) Original Document: here
