On 27 February 2025, PETRONAS and Eni signed a MoU to explore forming a JV to consolidate selected upstream oil and gas assets in Indonesia and Malaysia. The proposed entity would hold approximately 3 Bnboe reserves and target a sustained 500,000 boe/d in the medium term. Exploration upside of up to 10 Bnboe has been identified. The JV will prioritise investments in new gas development 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. Another objective is to create a major regional LNG player, leveraging their combined gas resources to meet increasing regional demand.

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