Eni, Petronas form joint venture to combine oil and gas assets

DUBAI: Italy’s Eni and Malaysia’s state energy firm Petronas said on Monday they had signed a binding agreement to form a jointly owned company combining their upstream oil and gas assets in Indonesia and Malaysia.

The new entity, NewCo, will manage 19 assets, 14 in Indonesia and five in Malaysia, with plans to invest over US$15 billion in the next five years to develop about 3 billion barrels of discovered reserves and explore a further 10 billion barrels.

The agreement was signed at ADIPEC in Abu Dhabi.

© New Straits Times Press (M) Bhd

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