Eni CEO Claudio Descalzi and Petronas CEO Muhammad Taufik at ADIPEC 2023
Asia’s potential upstream powerhouse
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
The move by European energy major Eni and Asian NOC Petronas to look to combine select Indonesian and Malaysian upstream assets is one that makes perfect strategic sense. The new standalone self-funded entity would have around 3b boe in reserves and a total equity production target of 500,000boe/d in the medium-term. There is exploration potential of 10b boe. The joint venture (JV) is intended to focus on investments in new gas projects, especially in Indonesia, while maintaining stable production in Malaysia. Eni has no asset presence in Malaysia, while it has a much stronger position in Indonesia than Petronas. The plan is also a statement about where the growth of gas demand will come fro
Also in this section
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
6 March 2026
The March 2026 issue of Petroleum Economist is out now!
6 March 2026
After Europe’s rapid buildout of floating LNG import capacity, Exmar CEO Carl-Antoine Saverys says future growth in floating gas infrastructure will increasingly be driven by developing markets as lower prices, rising energy demand and the need to replace coal unlock new opportunities for unconventional and tailor-made solutions
