PETRONAS and Eni Strengthen Regional Presence through Proposed New Upstream Joint Venture Company

^{A signing ceremony was held during Energy Asia 2025, with PETRONAS represented by its Executive Vice President and Chief Executive Officer of Upstream, Mohd Jukris Abdul Wahab, and Eni by Chief Operating Officer Global Natural Resources and General Manager, Guido Brusco. The event took place in the presence of PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik, and Eni Chief Executive Officer, Claudio Descalzi.}


KUALA LUMPUR, June 17 (Bernama) -- Following the Memorandum of Understanding signed in December 2024, PETRONAS has entered into a Joint Venture Framework Agreement (JVFA) with Eni, to advance detailed discussions and assessments towards establishing a regional upstream joint venture company.

The JVFA reflects the shared commitment of both companies to manage a combination of selected upstream interests in Malaysia and Indonesia.

A signing ceremony was held during Energy Asia 2025, with PETRONAS represented by its Executive Vice President and Chief Executive Officer of Upstream, Mohd Jukris Abdul Wahab, and Eni by Chief Operating Officer Global Natural Resources and General Manager, Guido Brusco. The event took place in the presence of PETRONAS President and Group Chief Executive Officer, Tan Sri Tengku Muhammad Taufik, and Eni Chief Executive Officer, Claudio Descalzi.

Tan Sri Tengku Muhammad Taufik said “This milestone marks a significant step forward for the partnership between PETRONAS and Eni, as it lays the cornerstone for a joint venture that combines the technical capabilities and unique expertise of both companies. This collaboration will unlock new opportunities for us to contribute to the energy security in the region and deliver long-term value across Malaysia and Indonesia.”

The proposed joint venture is expected to deliver up to 500 kboepd of sustainable production, approximately 3 billion boe of developed reserves, and an estimated 10 billion boe of exploration potential. It is also intended to support both organisations’ future gas and LNG aspirations.

Definitive agreements are targeted to be finalised by the end of 2025, with the transaction expected to complete thereafter, subject to regulatory, governmental and partners’ approvals in the respective jurisdictions.

PETRONAS remains committed to growth through partnership in creating sustainable value for its shareholders while delivering reliable energy.

Issued by
Media Communications
Group Strategic Relations & Communications
PETRONAS

SOURCE: PETRONAS

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Hana Nazsulaeeqa Harun
Tel: +60 10 455 3378
Email: hananazsulaeeqa.haru@petronas.com

--BERNAMA