Eni, Petronas To Merge For Upstream Assets In Indonesia And Malaysia

(RTTNews) - Eni S.p.A. (E), an Italian energy company, on Thursday announced that it has set to progress in detailed discussions of an exclusive Memorandum of Understanding for a joint venture with a Malaysian energy company Petroliam Nasional Berhad, also known as Petronas.

The joint venture holding company will oversee selected upstream assets in Indonesia and Malaysia. The financial terms were not disclosed.

The joint venture will invest in new gas projects to support the growing regional demand and energy transition efforts. The companies believe that the joint venture will drive strong growth in Malaysia and Indonesia.

Eni and Petronas aim to achieve sustainable production of 500 kboepd in the medium term. The venture will bring together about 3 billion barrels of oil equivalent in reserves, with the potential to explore up to 10 billion more.

Wednesday, the stock had closed at $29.91, 0.91% higher on the New York Stock Exchange. In the after-market hours, the stock traded 0.31% higher before ending the trade at $30.