Malaysia's state-owned energy firm Petroliam Nasional Berhad (Petronas) and Italy's energy firm Eni have signed an investment agreement to establish a regional upstream joint venture company to merge their Indonesian and Malaysian assets.
Petronas said in a statement that the joint venture will consolidate high-impact upstream assets across key hydrocarbon basins in Malaysia and Indonesia.
Leveraging the duo's combined strengths in portfolios, technical expertise, and regional insights, the new upstream company aims to unlock opportunities for accelerated growth in value creation, operational performance, and energy security in the region.
The joint venture supports both companies' broader gas aspirations and complements Petronas's other established businesses in Indonesia outside the joint venture scope, enabling new opportunities for growth and innovation in the energy sector.
The new joint venture company is expected to be established in 2026.
